USD/JPY HEAD AND SHOULDER PATTERN
USD/JPY has formed a head and shoulder pattern on the 1H and 4H charts, indicating that a top has been made and price will carry on its retrace from the last week of bullish gains. Traders should wait for a breakout of the support zone as price tested for support 02/09 12:00 (GMT+1)
We have a supply zone above price and a demand zone from 102.37 -101.72. Expect some choppy movements through the demand zone and possible break through to the 1D support level 99.67.
USD - Chances for September rate hike are getting lower as Fridays NFP was below expectations. Last weeks USD data was a wash with negative and flat data and I don't think this week will be any different.
Thursday - JPY GDP (Q2) data and various others, Positive data and strong yen (currently) will play a huge factor in a bearish move.
Note
We are on, Weak USD ISM data was the ignition
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.