EUR/JPY - Daily Head & Shoulders

FX:EURJPY   Euro / Japanese Yen
Here on the daily chart of EUR/JPY             we have a potential short opportunity in the coming days / next week.

As you can see price on the EUR/JPY             has made a bearish head and shoulders pattern.

We are looking for a break and close below the neckline before a short is considered, this is due to the neckline being a strong support area and the possibility that this area could hold again.

If a short entry is triggered at the break of the neckline, a potential target 1 could be at the double top indicated as the PRZ (Price Reversal Zone).
This potential PRZ area could also be a good opportunity to roll stops to break even.

Anymore information don't hesitate to contact me.

Have a great trading week.
Would you also take that Trade when there is no visible SHS Pattern?
I ask this also to myself. In generelly such Pattern are showing us only a Break of a Support/Resistance/Trend Line =Neckline.
Is the reliability better with Pattern?

+1 Reply
TomHall P_Parker
Yes, this area would be of interest irrespective of the head & shoulders.
The head & shoulders gives more confluence, however i will be watching price action closely on the lower time frames to gauge the pairs next move.
+1 Reply
P_Parker TomHall
Thanks Tom and good Luck for your Pattern :-)
This was my SHS Pattern. Sadly I was stopped out and Target is almost reached.
May I ask you what was wrong? SL not in good place?
TomHall P_Parker
For me personally i always await price to break and close above the resistance.
In this case i would have got long on the big green candle that broke resistance at 0.8617
+2 Reply
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