USDJPY Bullish Trend Reversal

Dec 6

USDJPY is consolidating and showing signs of reversal as the DXY pauses its rally. An inverse head and shoulder pattern is forming on the 2H timeframe, which typically is a bullish reversal pattern. However, we would need a 2h candle close above 151.4 to confirm this reversal with a price target of 152.8. Note that US non form payrolls and unemployment rate reports could invalidate this move and send the price lower.

7 days ago

Trade active

Inverse head and shoulder neckline broken despite a sharp drop following the US Non farm payrolls and unemployment data as predicted. A successful retest above the neckline will validate this move and send us further to the upside ($152 immediate price target)

4 days ago

Trade closed: target reached