Uncharted-FX

USDJPY Head and Shoulders Pattern.

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Take a look at the USDJPY 4 hour chart. Nice downtrend with multiple waves, and we can see a potential head and shoulders pattern here.

Not a textbook head and shoulders, but it shows a possible shift in trends from lower highs to now higher lows.

Await for the break above the neckline/resistance/flip zone at the 106.70 zone. Patience. We want a nice and strong break here.


Take a look at the yen futures as well. Some confluence if we get that break here.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.