USDJPY has formed a classic inverted head and shoulder pattern on a daily basis. The prices are trading very close to the neckline and we might see a breakout soon. furthermore, the weekly chart has formed a bullish engulfing pattern as well that supports the bullish argument. Like always, the price can take two paths, the first one is highlighted by the blue...
. There is a possibility of temporary retracement to suggested support line (106.75). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. USDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
USDJPY Analysis: Price bought and is currently above support zone price 109.862 . We expecting price to test support line 109.862 for a possible breakthrough to next support if not expect price to continue the buy towards resistance 110.994 Long-term daily timeframe
We are doing USDJPY Analysis in Daily Time frame
You can keep an Eye on USDJPY it is forming rising channel pattern you can take a trade on the breakout of this pattern.
Note: This is only for Educational Purpose this is not Investment advice.
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