WitchDoctor
Long

USDJPY Reverse Head and Shoulders

FX:USDJPY   U.S. Dollar/Japanese Yen
294 2 3
USDJPY             showing a reverse head and shoulders pattern after reaching a major
fibonacci level of support. Since the low established where the head is, a higher
low has formed what could be thought as a right shoulder. Watch for further
upside as the yen pairs start to respect this higher low.
Where would you calculate the "measured move" on a pattern
like this that is so lacking in harmonics and symmetry ?
Reply
"There is a tendency, surprising when one thinks of all the vagaries of news and crosscurrents which may influence day-to-day trading, for Head-and-Shoulders Patterns to develop a high degree of symmetry...But symmetry is not essential to a significant Head-and-Shoulders development." ~Technical Analysis of Stock Trends 9th ed. p63

Since this pattern is what I call a "sloppy" formation. The trick in my opinion is to measure from the low established at the head and measure to the neckline. This measurement will be used to measure from the breakout level. Note: Expectation to move at least half way to the target level.
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