Akil_Stokes
Short

USDJPY 4HR/1HR - HEAD & SHOULDERS TOP

FX:USDJPY   U.S. Dollar / Japanese Yen
Happy Sunday traders, I hope you're ready for another week of quality trading.

As I start my top down analysis for the week, one of the pairs that remains on my radar is the USDJPY as we open the week with a head & shoulders top pattern. The head & shoulders pattern is a classic reversal pattern & after last weeks bullish breakout on this pair. Price has rallied into a higher level of previous structure resistance which provides us a little more confirmation when looking for a potential bearish move.

Akil
it is truly nice to see the same conclusion with you.

First i was expecting a break down the uptrend which reached the same area where the previous main top was, and it did well. Then what? a SHS formation.... Ka-Boom

+1 Reply
Akil_Stokes AbdullahArslan
@AbdullahArslan, Thanks!! And congrats on the great analysis
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Are you anticipating the bounce off the pull back to the 113.150 structure for continuation ?
+1 Reply
Akil_Stokes Mltrades
@Mltrades, If price is going to continue lower then I wouldn't expect a pullback beyond that level
+1 Reply
Lovely analysis Ali.
+1 Reply
Akil_Stokes Mltrades
@Mltrades, Thank you
+1 Reply
Just did an analysis on this part last night and came to the same conclusion - You know what they say about GREAT minds...
+1 Reply
@Alacron, Well done man!!!!
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