Watch for a Potential Breakout from Head and Shoulder Pattern

In the daily chart, we can clearly spot a potential head and shoulder pattern in making. The price has currently arrived at the neckline area of 160.00. From this level, we will watch for a breakout. If the price breaks the neckline, we will then prepare our sell entries at the neckline area to capture the retracement after a breakout.

This head and shoulder pattern is very clearly formed and a break could indicate the possbility for GBPJPY to fall and retest the area before the start of the war.