Head and shoulders formation I think. All point to a long.

FX:GBPJPY   British Pound / Japanese Yen
Please do not use this publication as advice. I am new to this and using what I've learnt to analyse charts such as this. From what I've read this looks like a basic inverse head and shoulders formation. We would be looking for the trend to correct to 131Y but not to penetrate the neckline (blue line). If it penetrates the neckline we'd looking at a down trend. If the trend bounces off the neckline we'd looking at up trend towards 134Y.

My entry will be 131Y if the trend corrects. If you have any advice or opinions please feel free to comment.
Comment: As predicted the inverse head and shoulders formed correctly. The trend stayed within the support and neckline. Profit taken at 134Y.


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