usdjpy forming a head and shoulder after break out

2022年8月4日

as we can see on the three-day chart, usdjpy is halfway on forming a head and shoulder which I have reason to believe will complete by the next GDP announcement in October.

key points:
. usdjpy form the left shoulder with the release of 1 quarter GDP(Negative)
. price did an impulse sell/buy with fomc meeting in June
. july price did another impulse sell with the gdp and fomc meeting

takeaways:
. market is forming a head and shoulder pattern
. 1st quarter gdp (left hand), 2nd quarter gdp(head), ??? 3rd quarter (right shoulder)
. the market is reacting sensitive to fomc meetings interest rates and gdp
. the us economic slump has triggered a recession

outlook:
. price should look to buy up most of last week sell then slowly switch over to down trend to complete the second half of the head
. price should return to normalcy to continue its pattern which it broke last week due to gdp news
. we should see price go as far as 137 however price failed to maintain above it previously and would be key point to consider sell entry
. with the 3rd quarter gdp news and interest rates we should see a complete head and shoulder

2022年8月10日

交易進行

Us cpi news was bad and we can look for short entries on usdjpy from now on ...
price target for a swing should be at neckline 127