GBPJPY Head & Shoulders Pattern Trade
GBPJPY looks to be rejecting the upper boundaries of the channel and in the last few weeks has formed a head and shoulders pattern. I have annotated this on the chart.
We are currently rejecting 141.00 and forming the right shoulder. There is signs of intraday rejections in this zone.
I have TP's set at the "neckline" at 139.500 and then a TP2 at 138.00 which is calculated using price forecasting.
Stop loss placed above the left shoulder highs.
We are currently rejecting 141.00 and forming the right shoulder. There is signs of intraday rejections in this zone.
I have TP's set at the "neckline" at 139.500 and then a TP2 at 138.00 which is calculated using price forecasting.
Stop loss placed above the left shoulder highs.
Trade active
Short trade entered @ 140.800Potential R:R of 5:1
Trade closed: stop reached
Stop loss hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.