Forex Trading News & Analysis

USD/JPY inverse head and shoulder reversal confirmed, time to start buying

The price has now formed a beautiful inverse head and shoulders reversal triggering a bullish move above 111.42 support (Fibonacci retracement, horizontal overlap support, and neckline support) for a push up to 112.85 resistance (Fibonacci retracement, Fibonacci extension, and horizontal overlap resistance).

RSI (55) similarly sees pullback support above the 47% level which would hold the price up for its push towards 112.85.

Buy above 111.42. Stop loss is at 110.60. Take profit is at 112.85.

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The material has been provided by InstaForex Company – www.instaforex.com