merjemascerija

USD/JPY head and shoulders for long

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
We have a confirmed inverted head and shoulders pattern on the hourly usd/jpy chart. We can use this pattern as a guide for trading this pair in the early days of next week. NFP has been unexpectedly good so this may be fuel for US dollar strength. The pattern is confirmed according to my strategy, as we have a daily close above the neckline of the pattern. So, if you don't have a position yet, try to use the first retracement or a retest of the neckline (if we get it before the pattern hits its target) and if everything stays the same, the minimum target of the pattern is around the 137.00 level. Trade safe, Merjem
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.