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.
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
Akil_Stokes
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@AbdullahArslan, Thanks!! And congrats on the great analysis
Mltrades
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Are you anticipating the bounce off the pull back to the 113.150 structure for continuation ?
Akil_Stokes
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@Mltrades, If price is going to continue lower then I wouldn't expect a pullback beyond that level
yeah took the long from 112 area upwards, DXY looking bit shakey but still some strength there with USD, GBP looking stronger against the USD but with brexit news that could change any hour!!
nice charting and see the technical logic
Akil_Stokes
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@majorlee, Thanks and congrats on your long trade.
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