Very interesting head and shoulders forming on the day chart of GBP/JPY. More interestingly there are actually two H&S. One that formed between November and December of last year, marked out by the grey lines on the chart below, and one where the lower shoulder formed in September last year and if the downside continues will break the neckline, marked in black, giving rise to a bearish signal, considering the length of time it has taken for this H&S to form price action below the neckline could signal a large retracement. Also interesting to see a H&S forming on the weekly chart. I think retracement as the fundamentals for this pair have not changed. The support I would see on the weekly chart Ichimoku cloud.