USDJPY, Massive Head-Shoulder-Formation, Objections!

Hello,

Welcome to this analysis about USDJPY on the daily timeframe perspective. As when looking at my chart we can watch there how USDJPY has moved on to form this huge head-shoulder-formation with the left shoulder and the head already completed and now with the development of the right shoulder USDJPY is approaching this main descending resistance line marked in dashed red in my chart, when USDJPY pulls back from this zone it will be a likely source for a continuation to the downside till USDJPY breaks down below the neckline as it is marked in my chart. Such a development which is likely to happen within the upcoming times will activate the lower target zones as seen in my chart within the 111 to 111.5 area, once this area has been reached it has to be elevated how USDJPY continues from there on and if there comes a reversal or a continuation is indicated, for now, this zone can be a considerable reversal zone.

In this manner, thank you for watching the analysis, all the best!
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Information provided is only educational and should not be used to take action in the markets.