Potential Inverted Head & Shoulders Pattern

FX:USDJPY   U.S. Dollar / Japanese Yen
105.5 is a solid support for USDJPY             . As a result, a potential IH&S is under development. Neckline breakout will confirm the target 116.
Comment: I would wait for the breakout of level 106.25
Comment: This might do it. Stay alert.
Trade closed: stop reached
It also broke a kind of wedge it was forming, not a very strong signal but it can also be seen as a double bottom, plus it´s also in a strong support zone.

Bandarsq IAmAgainst
Yes a falling wedge.
This is great find. However we hold contrarian views on gold I believe we are quite aligned on this one. 105.5 remains wall of steel although 0.618 fib retracement failed to pierce the resistance for bounce towards the top channel i.e, ~110.50. This might do double bottom at nearest support and bounce to channel highs. Not to pollute the comment space but nevertheless I pin my opinion chart here. Enjoy the Sunday. Wish you a million dollar.
Thanks for the valuable comment. Gold is usually correlated with USDJPY negatively and EURUSD positively. However, last week I have noticed Gold maintained an uptrend while EU was correcting and UJ was ranging. I will updated this chart and keep a close eye.
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