USDJPY, buy signal, inverted H&S pattern

An Inverted head and shoulder set up is seen on the USDJPY pair’s DAILY chart. It can be noticed that pair has already taken support from the 107.32 level in order to form the second shoulder of the pattern. Placing trade at this juncture will gives opportunity to capture the upward move until the neckline area. This will also the be considered as the first target for the pair at 108.62- 108.80 (neckline area). Once the second should is formed completely the next target will be 109.72. The nearest stop loss for the pair is set at 106.75.