USDJPY Double Head and Shoulders Short

FX:USDJPY240

U.S. Dollar/Japanese YenFXCM

Description

⋅ Oct 21, 2016 9:02 AM

After price broke the trendline inside the Head it made a smaller H&S on what I predict will be a larger H&S.

Comments

AlexJaensson1

⋅ Oct 21, 2016 10:14 AM

Hey TAS! I have just shorted this pairing, as the head and shoulders set up looks really good! I'm hoping to trade this much shorter term however, and my T/P is set at 103.488. Do you think there is a good chance price will find support soon, and reverse temporarily, or do you see this as a stronger bear move all the way to the bottom of the right shoulder ?

TAS_is_Goliath_Capital_Growth

⋅ Oct 21, 2016 10:25 AM

Hi. Based on the ATR I think it will only get to 103.488 Monday. This is the movement I see it may happen

6lol9

⋅ Oct 21, 2016 9:04 AM

nice chart!!

TAS_is_Goliath_Capital_Growth

⋅ Oct 21, 2016 9:13 AM

Thanks man, let's see what it does, that one goes through the elections