Last week, price has broken the neckline of its head and shoulder pattern on the daily chart. As we forecasted in our previous GBPJPY analysis, after a sharp breakout, price retraced and now aims to retest the neckline of the head and shoulder pattern, which is the 159.50 ~ 160.00 level. From there, we will prepare our swing sell entries, with a first target set at 153.00 level. SL can be set above the third shoulder of the head and shoulder pattern, which is the 164.00 level.
