If the price breaks the neck in a bull run, the 161.8 fib extension correlates with the typical H&S height change from head-to neck (using the expected break-point neckline because it is descending)
Upside down H&S with a 300pip potential. I think Wednesday's spike screwed up a lot of recent bear predictions and makes it even harder to predict short term but the 30 minute chart shows an ascending triangle with resistance at ~1.0774. I"m buying the broken neck at ~1.0793
The right shoulder is still building up but I believe after it forms a top it will come down to 105.500
I expect this drop below the neck line within an hour and possibly hit the target within 8 hours for ~60pips
Looking beyond that, I think USDJPY could fall further this week, but that is purely speculative at this moment.
I'm actually already short on this pair...
Using the start of the trend line as the base and the peak of the head as the top, the 61.8% retracement matches up with the head and shoulders 100% extension of the neck line. Before hitting that target is the 50% retracement of the trend which also matches the H&S 61.8% extension (what are the odds?), where I suspect will be a pit stop before the price hits...
