9 Dec 2015

USD/JPY BULL FLAG OR A HEAD AND SHOULDERS PATTERN

USD/JPY DAILY

The rate is currently trading just below the large symmetrical triangle upper boundary. The current price action suggests a bullish continuation, however, a break above 123.70 is needed to trigger the bull flag scenario in which case we should target the 61.8% and 100% breakout targets at 125.85 and 128.00.

A break below 122.25 would invalidate my immediate bullish bias as it would trigger the head and shoulders pattern and would signal a move towards the larger triangle's lower boundary around 120.00.




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