This is my first trade ideea for this month. While doing my analysis i discovered a very nice big range development on the GBP/JPY. I went through other yen pairs but this one seemed more prolific.Excepting the all recent rather chaotic move on yen croses i sow a rather predictble pattern on this one.From the looks of it we seem to have an inverted head & shoulders. I studied past price action and find some similarities. I found another moment very recent were after a range on a daily chart we had an inverted head & shoulders pattern. Also i took into considerations the direction and even those were similar. The direction now from my point of wiew is bullish even though we are in a big wide range. Because the price action had one big strong attempt to break lower which consolidated in a strong support and 3 attempts to break higher all beeing at mainly the same price level i predict that after this sale wave the long term price action will be heading higher.
But until that let s resume on current price action. I put a 5 Million sell entry order at 172.21 at the very top of the pattern. Looking on lower time frame i sow a range developing in there to so taking into consideration the price action on all timeframe i had a clear image that this is a good trading ideea and probably a heavy hitter for me so i set my take profit at (169.08 ) price level which is over 300 pips .The take profit is at the base of previous supports & range zone .It is very likely that the trend myght reverse before hitting my target. I take that into consideration to after mesuring the price movement. If that is the case i will close the trade manualy. Until that i will let it run. For now i have 95 pips profit and the pair is preparing for a retracement.
