Since December 2016 a head and shoulder pattern has been forming on GBP/JPY. The pattern broke yesterday, but is currently making a pullback and is touching a resistance right now. A possible short position is available betting on the pullback confirmation. We can open the short now or wait till the price bounce on the 142.4 resistance. The stop shouldn't be higher than 142.9, and the final goal could be the 137.6 support. Watch the supports on 141.1 and 138.6
Trade closed: target reached:
A week later, our target of 2.44% was reached