Potential Daily inverted H&S pattern. Looking for a close above the neckline.
Note
Despite the recent bearish move I'm still leaving this H&S potential on the table. Technically speaking the right shoulder is still valid and as we've paused slightly on upgrade support i'll be watching next week for a move back towards 109/109.5.Note
Still leaving the H&S on the table. I'd need to see a clear break below ~108 to full invalidate. There is a great bearish case to be made at the minute on USDJPY so this is a real interesting pair to watch. 109.5 is the invalidation point for the bear move. Entry is still possible at that level, but it would need to be a Daily based trade.Note
Getting really close to an entry here. Need the 1D Div to burn and perhaps a Vol spike and/or backtest of 109 support. Right shoulder is elongated a little which made us start looking for potential shorts last week, but I think holding a a couple of scenarios in the pocket is a good idea here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.