USD/JPY forms bearish H&S reversal pattern on hourly chart.
Updated
On the hourly chart of USD/JPY, it appears that the price is currently situated at the forefront of a bearish Head and Shoulders Reversal Pattern. It is possible that a subsequent move towards the 133.00s may occur. The current sentiment towards risk has declined, and coupled with the decreasing US Treasury yields over a longer-term period, there has been an increase in demand for the Yen. As previously mentioned, the USD/JPY has formed a Head and Shoulders pattern that indicates a reversal, and today, the price has retraced towards the dynamic neckline. As a result, our forecast remains bearish.
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