Head and Shoulder USDJPY 4H
For the past week USDJPY has been coiling and consolidating without any clear direction. However, recent past week price action is begining to give us clue as to the next direction. Last week saw a breakout of a wedge pattern. Since that break out price has not fare any better but rather consolidates more to produce 5 NR bars on the daily chart. This coiling of price will for sure leads to price explosion.
The evidence has started coming out. A cursory look on the 4 hour time frame is printing a head and shoulder price pattern. A successful break and succesfull retest of the neckline will confirm the head and shoulder with the immediate price objective around the 109.6 level..
Action: We are therefore waiting for a correction to the neckline around 107.6 and 107.15 zone for buy opportunities.
We will therefore announce our entry when we see a correction to the zone with subsequent structural break.
The evidence has started coming out. A cursory look on the 4 hour time frame is printing a head and shoulder price pattern. A successful break and succesfull retest of the neckline will confirm the head and shoulder with the immediate price objective around the 109.6 level..
Action: We are therefore waiting for a correction to the neckline around 107.6 and 107.15 zone for buy opportunities.
We will therefore announce our entry when we see a correction to the zone with subsequent structural break.
Penafian
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