GBPJPY Weekly Analysis

Scenario:

The price on weekly TF, Price is currently ranging and it almost looks like a head and shoulder pattern. though price is currently around the neckline. From the monthly TF, price has already formed a HH and I expect price to for a HL. This might break the neckline and retest the monthly trendline.

Expectation:

I expect a bearish break of structure and for price to close below the neckline. If price closes above I intend to Long and if below, I intend to short.

Comment:

Watch closely for breakouts of the range and determine BOS for directions on low TF.

Keep track of this progress on lower time frame until what is predicted is successful or violated..