GBP-JPY POTENTIAL HEAD AND SHOULDERS FORMATION

ALL GBP PAIRS HAVE BEEN ON STRONG BULLISH TREND SICE VERY LONG ON DAILY CHART. GBP-JPY HAS BROKE AND CLOSED ABOVE IT'S PREVIOUS DAILY STRUCTURE RESISTANCE AT 139.70. WHICH INDICATES PAIR MIGHT GO FURTHER UP TOWARDS FEBRUARY-2020 HIGHS OF 144 AND ABOVE. YESTERDAY'S CANDLE ON DAILY CHART FORMED BEARISH PIN BAR, WHICH SUGGEST THAT THERE MIGHT BE SOME PROFIT BOOKINGS AT HIGHER PRICES. WE CAN PREDICT THAT PAIR MAY RETRACE UP TO 140 (UP TO 139.80) TO RESUME IT'S BULLISH STANCE. ALTERNATIVELY BULLS MAY BE CONSCIOUS IF PAIR STUMBLES BELOW 138.50.

ON THE WAY OF RETRACEMENT ON DAILY CHART, HOURLY CHART MAY FORM HEAD AND SHOULDERS FORMATION WHICH ALSO TARGETS IT'S COMPLETION AROUND 140 AREA.