RatioForex
Short

USDJPY Possible Sell At Neck Of Bearish H&S Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
119 0 4
Last week, FX:USDJPY             moved down a -3.08%, broke and closed below the key support level or neck of a head and shoulders formation in the weekly time frame. Now, the key support level turn into resistance (116.00 approx).

The trading plan for this technical situation, will be to wait a pullback to key resistance/neck and then see a reversal A+ signs to sell with targets at 110.00 – 106.53.

Key Levels:
Support: 110.00 – 106.35 – 101.00
Resistance: 116.00 – 118.30 – 121.60
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