GBPJPY Right Shoulder

This scenario plays on the potential reverse head and shoulders formation. If the 169 level fails then 168.50 has a reasonable risk to reward for a long provided that the right shoulder if formed. For the immediate aggressive trade, stay short as long as the neckline is NOT violated with an initial target around the right shoulder at 168.50
The long position can be applied where the right shoulder will form with a stop beneath the head. Targets on the long positions established at the right shoulder aim to push back to the neckline at a minimum with an ultimate target much higher.