As you could read in my previous USDJPY ANALYSIS and my FXstreet INTERVIEW USDJPY bearish pennant has given us great shorting setups. As i have already stated, I expect a range play in the currency pair and this is the time where we might see a bounce.
USDJPY is showing inverted head and shoulders pattern variant on H1 chart and we can see that 120.00-10 is rejecting the price. POC comes exactly in the 120.00-10 zone ( L3, trend line ,DPP ) and sustained momentum above the zone will target 120.50 and 121.60. Additionally , the head of inverted H & S pattern is a V shaped reversal with a clear break above 120.00 zone. If the right shoulder bottom stay intact ( 119.60 ) USDJPY should reach above mentioned levels.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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