FX:USDJPY U.S. Dollar/Japanese Yen
USDJPY (4H): After double bottoming (on Sept 27) at the 100.00 , price moved sharply higher and is now back at previous resistance. Price has broken the and has retested the bottom of the as well as the 50 . This is also the right shoulder of the head and shoulder pattern. My downside targets would be the 103.25 (Previous weekly open/swing low) then 102.8x (38.2% retrace/ 127.2 ext/ swing low). I would not buy at this level. I would wait until price break (above 104.64) through and retest the overhead resistance. Or look for buying opportunities if price reaches the previous weekly low at 102.8x.