justatrader

USDJPY - A double H&S Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
557 2 12
Continuing the USDJPY             long term analysis, the daily chart shows a rather interesting set up. For those who missed the previous shorts at 122/123 levels, the pullback, if support at 118.828 holds could see another opportunity to take long term short positions with an eventual likely target to 114.5 and 112.08 as the most prominent targets to the downside.

In terms of risk/reward this trade set up gives a very favorable odds with a move above 123.622 invalidating the bias.

Looking to the equity markets, there is a similar set up playing out at least as far as the SPX500             is concerned, where a pullback to 2060/2080 might cap the rally.

Related ideas:
  • USDJPY - Monthly/Yearly Analysis
  • GBPJPY - Weekly Analysis with a potential weekly H&S pattern playing out
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