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USD/JPY Uptrend Faces Head and Shoulders Pattern at 110 Resistance

May 10, 2018 10:19

USD/JPY

4 hour


The USD/JPY is in an uptrend channel and price has recently broken above the resistance trend line (dotted orange) but price is struggling to break above the previous top at 110. A bullish break above the previous high could indicate a continuation of the uptrend whereas a failure to break above the top and a break below the support trend line (blue) could be part of a larger ABC correction (blue). In that case, a reversal head and shoulders pattern could be taking place (purple boxes).

1 hour

A bullish breakout above the 110 resistance level could indicate an extension of the wave W (pink) towards the 50% Fib at 111.50 whereas a bearish break aims at 108-107.50.Good trading,

Chris Svorcik

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.