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USDJPY: To the Moon!

Daily Time Frame: Starting on the higher time frames we can see that price has broken back above previous resistance our down trend and moving average and is now testing as new found support with signs of rejection.


4Hr Time Frame: Scaling down we can see that price is creating an inverted head and shoulders formation in confluence with a flag and double bottom pattern at this area of daily support. If price manages to hold above 107.000 key psychological support, then look to buy this back up to 109.250. However, if price violates this support zone then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.


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