USDJPY: A formation of reversal pattern “Head and Shoulder” is taking place on the hourly chart. The pair is currently trying to test the neckline of pattern which is at 113.73. On the conservative break of neckline we can expect a fall at least of 80 pips. RSI 14 period is neutral at 40 mark.
Our Preference: – Sell below 113.65
Target – 113.00
Stop loss – 113.90