the pound has been doing very good against the yen with breaking new high since start of the year, looking for it to break recent highs and break and retest with a good risk to reward ratio a nice head and shoulders pattern is forming.
There is an ascending channel and appears to be a breakout and retest of the trend line and looks likely that price will continue to the downside.
I will be aiming to take a position short on this.
- Wait for a 4hr candle close below the resistance zone .
- Wait for a pullback and a retest of this zone.
- Wait for a rejection on the 1 hour or 30 min chart....