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USDJPY: Bearish Reversal Confirmed
The USDJPY chart has developed an inverted head and shoulders pattern on the 4-hour time frame. Following the release of US economic data on Friday, the price surged and broke through the neckline of the pattern.
This morning, the price retraced and tested the broken neckline, which held as resistance. We can anticipate further upward movement from here.
Key support levels to monitor are 145.09 and 145.97.
This morning, the price retraced and tested the broken neckline, which held as resistance. We can anticipate further upward movement from here.
Key support levels to monitor are 145.09 and 145.97.
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