GBP/JPY (-123)

chart on 4h timeframe clearly defines head & shoulders pattern, what should produce a bearish move. In adition to that pair is on the 50% retracement level of 143.60 - 132.00 move. It is also evident that 200 SMA is overlaying this congestion of resistance, and as we all know, every trader is looking at the same charts, so at this point it would not be very "safe" to take long position. Pair is in a uptrend on smaller time frames, so extra caution is advised. Set up has a great potential, but it comes at great risk. Stops placement should be clear, and it should start at above "head" or above 139.00, and targets should start at 136.00