#USDJPY Short Idea (Structure, Fibonacci, Head and Shoulders)

#USDJPY Short Idea (Structure, Fibonacci)

TradeYodha
TradeYodha.com

1. Is Daily chart showing us a possibility of H&S (Head and Shoulders) forming?
2. on 4H zone we have 200sma. The price has closed above 50sma so the next target can only be 200sma
3. 200sma is in an important area where there is a lot of fib confluence indicating formation of advanced patterns
4. The price is close to 70 RSI at the moment so there are chances for it to go over bought by the time it reaches the zone.

News/Fundamentals Expected:

21 April: 11:50pm JPY Trade Balance
23 April: 12:30pm USD Unemployment Claims


I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.