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JoeLopezFX

USDJPY possible Head and Shoulders pattern...

U.S. Dollar / Japanese Yen (FX:USDJPY)  
JoeLopezFX Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Technical Indicators
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trendanalysis harmonicpatterns indicator
USDJPY seems to be forming a Head and Shoulders patter on the Daily time frame. Looks like it will break Resistance to form the Head of the pattern then come back down to form the second Shoulder and bounce of the support one more time. There's a possibility that it will not come back down to form the second Shoulder and bounce of the Resistance making it the new Support. Remember this coming week is NFP week and it could affect the market significantly. Always use proper risk money management. Happy Trading!
Comment:
Looks like the pattern ended up creating a Double Top with the bad new USD had on Wednesday. Trend was still short but came down sooner than expected.
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