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.

Trade ist aktiv:

Short trade entered @ 140.800

Potential R:R of 5:1

Trade geschlossen: Stop wurde erreicht:

Stop loss hit.