Japanese Yen Head and Shoulders

[B]Commentary:[/B] The break under 120.97 indicates additional bearish potential. Intraday charts show a head and shoulders pattern forming from the beginning of June as well. The pattern is confirmed on a break below 120.75.

The next level of support would be the 50% fibo of 115.14-124.13 at 119.64. This level is defended by the 5/11 low at 119.46.

[B]Strategy:[/B] Flat