SPONGE
Long

GBPJPY Long trade set up

FX:GBPJPY   British Pound / Japanese Yen
36 1 1
price has broken the channel, will be looking for an extension from a minor head and shoulders pattern down to the days s2, and the 200 ma and previous support and resistance . Price may stop on todays             s1 and reverse there. however I think the head and shoulders formation will push it lower. you can also see long wicks breaking the s1 level.

Recommend entering 184.750
profit should be 185.250 however could go all the way back to the .382 fib level.
stoploss 184.400

Careful of any news!

Spot on!
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