Razvan
Long

USDJPY - Continuation Head and Shoulders

FX:USDJPY   U.S. Dollar/Japanese Yen
682 17 7
This pattern is not that often met on the charts, but it gives pretty nice signals. An Inverted Head and Shoulders on the rising trend means that there is a high probability for the trend to continue. A break above the pattern's neckline could trigger another rally for the US dollar             , targeting the 105.40 high or why not even go further to the full target at 106.81 (1.95% gain)
Mxkdailee
2 years ago
Would you want to check more indicators? To confirm it is likely? looking at the time it took to form the inverted head and shoulders it would be at least 1 week for a trend confirmation even then no guarantee.
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Razvan Mxkdailee
2 years ago
I usually use as another TA indicator the RSI, but in this case doesn't help. I believe that this pattern it is strong. The dollar it is gaining on all the markets as we could see in the past trading days plus tomorrow BOJ will have its monetary policy. They still have to get to 2% inflation and might help the yen to go even lower.
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Barzvar
2 years ago
Thank U . i see bearish H&S pattern near Your Red H&S ! what do u think about that ?
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Razvan Barzvar
2 years ago
I saw it, and mentioned it in my last analysis. It hit 50% of the target and price got back above its neckline (if it's the same pattern you are talking about). I would rather take into consideration the possibility of forming a symmetrical triangle, if another bounce will take place from here.
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Barzvar Razvan
2 years ago
Good , Thank You
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Razvan Barzvar
2 years ago
:)
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jta3 PRO
2 years ago
Good probability.
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AlexandreFF
2 years ago
Very nice as always Razvan
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Razvan AlexandreFF
2 years ago
Thank you :)!
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Razvan
2 years ago
As I said, a second scenario would be s symmetrical triangle. Even if it will broke the lower line be careful for a false breakout, which is commonly seen at this kind of price pattern
snapshot
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Sam0101
2 years ago
great...... tats mean it goes back n forth, back n forth, once it reaches 103.9?
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Razvan Sam0101
2 years ago
it might! :) we just have to wait and see
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Sam0101
2 years ago
yeah..... its now going back. i think the triangular stuffs r working........
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Razvan Sam0101
2 years ago
A little false breakout and back again
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Sam0101
2 years ago
i couldn't track whats next for the movement. It seems that BOJ been steady for 2% inflation target.
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sound.shai
2 years ago
We are very close to the break, resistance is being test right now. Thanks for the analysis !
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Sam0101
2 years ago
i think if today Us unemployment claims r strong enough, it will push the USD above the boundary ........ As can see now, it no longer stay inside the formation lines of the triangle d
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