TradingMad
Short

USDJPY Multiple Patterns emerging

FX:USDJPY   U.S. Dollar / Japanese Yen
43 0 1
USDJPY            

my current bias on usdjpy             is a bearish view with targets down in the 116 zone.

as previously notes on my other ideas, i am currently in trades within these pairs but i will not include the trades in my analysis for clarity.

there is a strong head and shoulders pattern being completed which should bring further momentum to the downside once completed although there is also a ascending triangle pattern being formed.

there may be price movement to the upside but if this is to occur, i believe there are 2 zones which may signal a turn for the continuation to the downside. these are the 120 handle and also the zone just below the 122 barrier which the pair is finding difficult to breach.

if these levels are broken, as with all traders, you have to be ready to change your views based on price action and there will be a strong bullish movement.

nevertheless, i am in usdlpy shorts and will continue to be in unless the charts tell me otherwise...

thank you
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