scamuzzi

USDJPY CURRENT RANGE AT RESISTANCE

FX:USDJPY   U.S. Dollar / Japanese Yen
Where price is now for the yen i think many traders would be looking to short at this current level of resistance. Since price has not yet made a lower low, and is still respecting both the ascending trend line as well as the descending trend line, i think price could possibly range or make another move to the upside to retest the high, or find rejection at the descending trend line (with what seems to be a bat pattern formation on lower time frames). In that same breath i think the head and shoulders pattern is justifying all opportunities to short when a break of the upward structure is clear enough by a break in the ascending trend line with multiple rejection to the upside as well as a lower low to indicate the trend direction has officially changed
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.