Chart of the day: EUR/JPY

Blake Morrow Forex Analytix

A head and shoulders isn't really one until we break the neckline. And that is definitely the case with the EUR/JPY in the next 24 hours. However, the setup is great in case the FOMC comes in a little more hawkish that expectations. What "should" happen is the stock market may see some downside pressure and EUR/JPY could fall as a result. The 124.40 level is the neckline and that is important for bulls to hold. If you are bullish the EUR/JPY, being long near the neckline with a right risk vs reward (stop) makes sense as well.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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