Price has been in a descending channel since 20th March, on the 23rd of June a strong bearish engulfing candle was formed on the daily, however sellers were unable to follow through and price has been climbing higher since.
On the 1H time frame we have a head and shoulders pattern formed with a recent break and is currently in the process of retesting the neckline. I'll be looking for a bullish candle to enter long here. If i find an entry my objective will be around 107.73 however i may hold some of my position as we could be heading to the top of the descending channel which could be around 108.50. My stop will be below the neckline around 107.10.
USDJPY
On the 1H time frame we have a head and shoulders pattern formed with a recent break and is currently in the process of retesting the neckline. I'll be looking for a bullish candle to enter long here. If i find an entry my objective will be around 107.73 however i may hold some of my position as we could be heading to the top of the descending channel which could be around 108.50. My stop will be below the neckline around 107.10.
USDJPY