USDJPY Head and Shoulders Pattern. Long
U.S. Dollar/Japanese YenFXCM
Description
⋅ 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.