Apr 06 2018

USDJPY – Inverted Head and Shoulder pattern

USDJPY:- On a 8 hour chart the pair USDJPY formed a prefect “Inverted Head and Shoulder” Pattern, and yesterday it had given a upside breakout to inverted H and S pattern neckline (which stood at around 107.00 mark) with a strong bullish candle. According to the pattern, the bulls will drive USDJPY higher further 2.38 Yen(Neckline High(107.00) – Head Low(104.62)), so as per calculation we can target the final direction toward 109.38 levels, but before reaching said level there is a hurdle at 108.07(200-Day Simple Moving Average). At first we can target 108.07 mark after breaching 200Day SMA hurdle we will see 109.38 to met.