Hello everyone,
My technical analysis on USDJPY is that it is currently bearish but will not be lasting long. From what I can see an inverse head and shoulders pattern was formed. When that pattern is at the bottom of a downtrend its a signal for a reversal of the trend. In this case the reversal will be for the bulls to move in. I am still looking for price to hit around 111 area. But before it hit 111 price will go to 109. I’m thinking by Wednesday it should go from 108 to 109 then the following week it’ll be headed to 111. If you go to the daily chart you’ll see that price formed a inverse head & shoulders pattern as well. This is just my own analysis so if you agree please like and if you disagree please comment with why. I'm opening to hearing opinions plus getting other traders advice.
Thank you.
My technical analysis on USDJPY is that it is currently bearish but will not be lasting long. From what I can see an inverse head and shoulders pattern was formed. When that pattern is at the bottom of a downtrend its a signal for a reversal of the trend. In this case the reversal will be for the bulls to move in. I am still looking for price to hit around 111 area. But before it hit 111 price will go to 109. I’m thinking by Wednesday it should go from 108 to 109 then the following week it’ll be headed to 111. If you go to the daily chart you’ll see that price formed a inverse head & shoulders pattern as well. This is just my own analysis so if you agree please like and if you disagree please comment with why. I'm opening to hearing opinions plus getting other traders advice.
Thank you.
Comment:
Price is around the 108.450 area. Now is a good time to put in a buy entry.