GBPJPY Analysis Head and Shoulders

GBPJPY has begin forming an Head and Shoulders pattern on the daily timeframe. The right shoulder has begin forming due to price hitting a resistance level. Price has been divergent since last week but sometimes the market like to bait retailers on both sides before ending the week and take off before giving an optimal entry. This setup may take a while to eventually play out but first targets are around 500+ pips for the swing