We all know Head and Shoulder (H & S) is a classic pattern which activates only below the neckline & neckline low is recent low of 1.1215
So why not take advantage of buying the pattern if it holds above 1.1250 level & any opportunity between 1.1265 - 1.1275 should be seen as good risk reward trade in next few weeks if it holds above 1.1250 mark.
Upside Target...
USD/JPY is holding its own below the 111 handle and is in a bullish position, edging its way up the chart of late and penetrating the 111 handle making a fresh two month low overnight before the trade war headlines kick in and made for profit taking. Currently, USD/JPY trades at 110.86 vs a high of 111.01 in Asia/111.35 NY and a low of 110.79.
Recent price action: Bearish
Pattern: Potential head and shoulders play
Long-term momentum: *Bearish (based on the chart, not overall)
Short-term momentum: Bearish
Bias: Neutral
Action: None. Need time for price to develop.
Comments: Slim chance of actually getting the head and shoulders pattern to complete. DXY is showing promise of further continuation to the...
