usdjpy forming a head and shoulder after break out
Updated
as we can see on the three-day chart, usdjpy is halfway on forming a head and shoulder which I have reason to believe will complete by the next GDP announcement in October.
key points:
. usdjpy form the left shoulder with the release of 1 quarter GDP(Negative)
. price did an impulse sell/buy with fomc meeting in June
. july price did another impulse sell with the gdp and fomc meeting
takeaways:
. market is forming a head and shoulder pattern
. 1st quarter gdp (left hand), 2nd quarter gdp(head), ??? 3rd quarter (right shoulder)
. the market is reacting sensitive to fomc meetings interest rates and gdp
. the us economic slump has triggered a recession
outlook:
. price should look to buy up most of last week sell then slowly switch over to down trend to complete the second half of the head
. price should return to normalcy to continue its pattern which it broke last week due to gdp news
. we should see price go as far as 137 however price failed to maintain above it previously and would be key point to consider sell entry
. with the 3rd quarter gdp news and interest rates we should see a complete head and shoulder
key points:
. usdjpy form the left shoulder with the release of 1 quarter GDP(Negative)
. price did an impulse sell/buy with fomc meeting in June
. july price did another impulse sell with the gdp and fomc meeting
takeaways:
. market is forming a head and shoulder pattern
. 1st quarter gdp (left hand), 2nd quarter gdp(head), ??? 3rd quarter (right shoulder)
. the market is reacting sensitive to fomc meetings interest rates and gdp
. the us economic slump has triggered a recession
outlook:
. price should look to buy up most of last week sell then slowly switch over to down trend to complete the second half of the head
. price should return to normalcy to continue its pattern which it broke last week due to gdp news
. we should see price go as far as 137 however price failed to maintain above it previously and would be key point to consider sell entry
. with the 3rd quarter gdp news and interest rates we should see a complete head and shoulder
Trade active
Us cpi news was bad and we can look for short entries on usdjpy from now on ...price target for a swing should be at neckline 127
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.