empty
 
 
13.04.2022 04:18 PM
Inverted Head and Shoulders pattern in USDJPY.

A couple weeks ago we talked about the inverted head and shoulders pattern that was formed in USDJPY. Currently USDJPY is trying to break out and above the neckline resistance to produce the much anticipated bullish signal and activation of the pattern.

This image is no longer relevant

Yellow lines - Inverted head and shoulders pattern

Blue line - neckline resistance

USDJPY has made an explosive upward move over the last few weeks and has risen in a straight line from 117 to 125. Last time we saw similar price action was in 2014. The formation of a higher low in 2016 and in 2020, combined with a break above the highs of 2015, provides an explosive mix for bulls. The weekly RSI is at overbought levels but is also making new higher highs. We might see a pull back over the next couple of weeks but overall we expect trend to continue higher.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback