The USDJPY has surged after NFP and Unemployment results on Friday and currently it is in a range/uptrend. The lack of any bullish zig zag has been compensated with an Inverted Roof pattern which suggests a trend continuation. Price began to climb after point A and it has been retracing till potential point B which makes a confluence at POC zone (61.8, L3, historical buyers). There is a possibility that inverted roof turns into a complex inverted Head and Shoulders pattern where point B will be the bottom of the right shoulder. The zone is 122.60-70 and we possibly could see an upward rejection from the zone. The first target is 123.10 followed by 123.40 rooftop overshoot/H3. Close above H3 opens the door for 124.00 final target before a potential breakout.
A drop below 122.28 will negate this scenario.
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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