• Possible inverse head and shoulders pattern on monthly chart
• Bullish pattern, formed at bottom
• Next bullish target is 1998 high at 147 followed by 1990 high at 160
• If the pattern is valid, bulls still have long way to go and can reach decade highs
• Based on the measurement method, Yen could go to as low as 200
• Measurement method for this pattern is the distance between the head and neckline, which is around 50 in this case, added to the breakout point around 130
• Bullish pattern, formed at bottom
• Next bullish target is 1998 high at 147 followed by 1990 high at 160
• If the pattern is valid, bulls still have long way to go and can reach decade highs
• Based on the measurement method, Yen could go to as low as 200
• Measurement method for this pattern is the distance between the head and neckline, which is around 50 in this case, added to the breakout point around 130
Ramzi Abou Abdallah, CFTe, CMT
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