Norsefx
Long

UsdJpy possible scenario 4H 'Inverse head and shoulder pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
41 6 1
Update on yesterdays analysis.
UsdJpy             got a inverse head and shoulder pattern on the 4H timeframe.

So this could be an interesting week.
124.10 - 124.60 is now a major battleground, bring the popcorn.
Y€$ - the widge got triggered and bought! This pushed the pair to its last high @ 124.42. From reaching this high a chealthy consolidation started, the pullback stopped @ 38,2 fibo - the minimal correction level!
This consolidation is forming a bullish flag (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between sma 200& ema 200 should be a strong support.
Prices below this level will turn the chart into bearish (middleterm)
former analysis:
Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
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Norsefx PRO MaryJane
See my analysis from yesterday at this pair. Very similar to yours.
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here is my longterm view...:
snapshot

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Norsefx PRO MaryJane
we got the same toughts on the dollar long term i see. i got 128 and 135 as longer term targets.
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Good Analysis! Thx
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