USDYPY formig an H&S?
USDJPY reached the 38.2 fibo retracement of the last downswing (105.6-100.6). Here the rebound stopped. The ultrashorttermtrend turned again. At the moment, we are trading near a possible action point (blue). this level @ 100.6-100.8 is the level to watch! Here a desicion has to be made imo .
Trading below that level should initiate a further downwave down to the longtermsupport 100 - Here i exspect a temporarily rebound.
The signs a weak signal, so that we can exspect, that a right shoulder can be formed before the "real" dip will come.
Trading above the "shoulder"-level is . The market could decide to aim the maximal correction level fibo 61,8 @ 103.71. The neckline @ 100.85 is also a part of the "action point".
Supports: 100.87 / 100.6
Resists: 102.54 / 103.71 / 105.36
Shortchance below 105?
If the pair would trade below 105, i see the possibility for a further downwave.
First TP of the short is the former low @ 100