justatrader
Short

USDJPY - Possible head and shoulders + divergence = short set up

FX:USDJPY   U.S. Dollar / Japanese Yen
Price has been very much consolidating near 104, but with the bearish divergence building up, additional signals can be seen coming from the evolving head and shoulders pattern. The downside target puts the potential decline (correction) to 101.50 (target is set to 101.60).

The bearish bias is invalidated if price rallies to the previous high near 104.635.
Note that the stochastics need to reverse from the overbought level to validate the bias. RR is about 1:3.
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