USD/JPY- Potential Reversal
Updated
First thing I'm going to be looking at come next week. Will we be confirming a head and shoulders reversal pattern after yesterdays rejection of a strong daily resistance? There is a resistance zone from about 112.425- 112.625 which looks like it will be tested based on the most recent 4hr candle closes. Awaiting P.A in this zone to confirm rejection or continuation of the current uptrend which has not yet been broken so wait for confirms.
Next week is also NFP week and there is a few bank holidays including the 4th of July for USD so volume could be thin during the start of the week and then set up the market in the latter half for NFP results.
Next week is also NFP week and there is a few bank holidays including the 4th of July for USD so volume could be thin during the start of the week and then set up the market in the latter half for NFP results.
Note
H&S sell setup I was leaning on never materialized as USD shot up like a rocket during the first day of the weeks trading. It has now broke out and made new highs. Its important to be prepared for all possible scenarios as the trend was still bullish.
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