USDJPY has formed a potential head and shoulders pattern pattern. Price has reflected a bounce off 50% Fibonacci retracement and is now on the way to reaching area of sensitivity around 109.416. Price is struggling at current resistance of 108.441 but I do see the bulls taking charge and pushing price through this level and coming back to retest previous high creating a new support from previous resistance. Looking for long position after retest of higher high. confirmation for entry is needed, bullish pin par or bullish engulfing candle.
Analysis are for educational purposes. My post are not signals. Trade at your own risk!
Happy Trading!
Analysis are for educational purposes. My post are not signals. Trade at your own risk!
Happy Trading!