We have broken the ascending trendline which has held price for the past two months and we now seem to be forming a head & shoulders which is a reversal pattern, the right shoulder lines up with a break retest of our trendline and 618 FIB level.
Hoping to short this down to our ascending daily trendline,
be warned this is a counter trend, safest play is to wait for a break and retest of the neckline or if you prefer the riskier option you can short from the 618.
Also check out our JPYBASKET chart where we have a possible inverse forming!
if you want to see more chart ups and analysis then join our free telegram group!