Head and Shoulders Pattern formed on 4H GBPJPY Chart

An obvious head and shoulders pattern has formed and did a retest on the new formed resistance last week.

In the upcoming weeks, price is likely to go bearish according to the "Top Head and Shoulders" Pattern we see here.

I would wait for a confirmation of bearish trend such as price breaking below the 200MA before going short on a lower timeframe.

Thank you for reading and happy trading!

Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Head and ShouldersSupport and Resistance

Disclaimer