GBP/JPY HEAD AND SHOULDER PATTERN

GBP/JPY has formed a head and shoulder pattern on the 1H and 4H charts, indicating that a top has been made and price will carry on its retrace from the last 2 weeks of bullish gains. Traders should wait for a breakout of the pennant/flag that contains this pattern.

Wednesday - (Jul) Manufacturing Production, BoE Gov Mark Carney Speaks and BoE reports on current inflation.

Thursday - JPY GDP (Q2) data and various others, Positive data and strong yen (currently) will play a huge factor in a bearish move to the 61.8% Fib retrace level. Possible that it can break and reach 1D support 129.10

Currently I am short and have been when price kissed the 1D resistance Friday afternoon.

Komen:

11:21 (GMT+1) Price has broken triangle support, Could look for a test as resistance for entry / TP1 133.00 / TP2 129.10 - Long term trade

Komen:

15:00 (GMT+1) Weak USD ISM data!! Price has broken H&S. Down we go

Komen:

Short trade closed at 0.5% FIB Level, Retrace is over. Move to 140-143.00 has begun