USD/JPY Head and Shoulders Failure Trigger is Bullish
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “the USD/JPY decline since June 2015 has been far from smooth but weakness since the NIRP failure at the end of January is contained within a channel. Since July, a head and shoulders continuation pattern has developed which could send USD/JPY to 92.50. This pattern is valid while price is below 102.66. Strength above 102.66 would trigger a failed pattern and bullish signal.” The bullish signal triggered but USD/JPY bulls may be in for a fight at this 2016 trendline (starts at NIRP high).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.