GBPJPY 60

Hi Traders

Here on our top Down analysis, we have GBPJPY that has formed a Weekly head and Shoulders Patterns, and it is currently getting rejected from a Daily Trend Line.
After Breaking the neck line level, Price has pulled back into the neck line level in order to retest that area before continuing in a massive down Trend.

The only way we will get involved is if:

1. Price break our Trend Line to the downside..
2. Price break previous support putting us in a Shift in momentum condition
3. Price retest the broken area as Reistance in a form of a major pull back (38.6-100.0 Fib Retracement)

Extra

1. We may also see another Flag Pattern forming after that move on Lower Time Frame (1H and 15 min)
2. Market Shows a huge sell divergence on RSI
3. After breaking previous Major Support, Price has made an overal 78.6 retracement after the break of a period o consolidation to the left which happen to be one of our Entry Technique.

An Overall Target of 700 Pips is what we will be looking for here.