GBP/JPY -Head and shoulder breakout, but risk of it being fake

I called a bullish move yesterday and it has officially failed now given the pair has breached 154.23, which i had mentioned here  GBPJPY – Good times ahead, eyes 155.83-156.66 as one under which short-term bullish invalidation is seen.

Now we also have head and shoulder breakout on the hourly and that gives us a downside target of atleast 100-pips. Cautions is still advised since head n shoulder is effective when it appears at the top of a bullish trend and not at the bottom.

Hence, this could be a fake move.

GBPJPY H1 (04-14-2016 1937).png

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