USDJPY 7 Nov 2016, H4

head and shoulder for USDJPY H4

Now, USDJPY should create right shoulder and if right shoulder is valid then the price will be move to around 101.96 as first target. after that the price will be rebound make corrective line to 103.49 - 104.13 as second target.
at point 105.52 can be stop loss for SELL position on the right shoulder. make sure, range entry point to stop loss is in your risk management.
the other way you can wait till right shoulder is valid and SELL at 103.49-104.13 but for this action you need the other signal confirmation.

Commentaire:

Now price at 101.96 as first target has been reached. Before move to first target, it move up but didnt reach my stop loss at 105.52.

next USDJPY will be rebound to make corrective to make second wave got validation. So now wait and see, we must make sure USDJPY make fix bottom. I will give my analysis later.

Commentaire:

104.13 as second target has been reached. like i said before, USDJPY will be rebound and make corrective line. for now second wave is valid as long as the price didn't break 105.16. then, if USDJPY didn't break 105.16, we can trade on short position again. but for this action you must be carefully cause in Time frame D1 USDJPY have a chance to change from down trend to uptrend. for now this trend change for D1 still not conform. that why i can say "we have a chance to do short position for short term". the third target is at 102.11. 105.21 can be stop loss.