GBPJPY is forming a classic Head & Shoulders pattern after an extended bullish move, suggesting that buying momentum may be fading.
The neckline has acted as a key support level, and a decisive break below it could confirm the bearish reversal. Until that happens, the setup remains a high-probability scenario rather than a confirmed trade.
Trade Plan
Entry: On a confirmed break and close below the neckline, or after a bearish retest.
Stop Loss: Above the right shoulder.
Target 1: 215.87
Target 2: 215.55
Final Target: 214.72
Technical Confluence
✔ Classic Head & Shoulders formation.
✔ Lower high forming the right shoulder.
✔ Clear neckline acting as key support.
✔ Favorable Risk-to-Reward ratio.
✔ Multiple downside liquidity targets.
The market often confirms reversal patterns only after breaking structural support. For that reason, patience is key—I'll be watching for a clean break below the neckline before looking for short opportunities.
Trade what the market confirms, not what it promises.
This analysis reflects my personal market view and is not financial advice. 📉
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