NZD/JPY - Inverted Head and Shoulders
There are some amazing setups forming on the charts, here we have NZD/JPY on the daily chart with an inverted head and shoulders pattern.
The same pattern can be found on CAD/JPY (chart is shown below).
The right shoulder is currently sitting below the 0.50 retracement level but it may complete at 0.618, which is an ideal level as pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
Use this analysis to back up your own ideas! Don't forget to add me on social media :)
The same pattern can be found on CAD/JPY (chart is shown below).
The right shoulder is currently sitting below the 0.50 retracement level but it may complete at 0.618, which is an ideal level as pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
Use this analysis to back up your own ideas! Don't forget to add me on social media :)
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