A classic bearish Head and Shoulders chart pattern foretells lower rates may follow in the coming days for USD/JPY.
A classic bearish Head and Shoulders chart pattern foretells lower rates may follow in the coming days for USD/JPY. Price has broken the neckline and failed to break back above the red line. Taking the measurement from the April 6th high of 101.42 and extending it to the neckline and then subtracting that from the breakout point we get a price objective of around 88.00 area. Drop to a lower time frame to look for a better entry on the break of the current low or a retrace back to the next level of resistance.