USDX
102.618

0.18%

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1963.78

0.38%

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1.08199

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USDJPY
131.080

0.34%

USNDAQ100
12566.40

0.98%

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      USDJPY Head and Shoulder Pattern Signals Possible Downside

      Forex Market
      Summary:

      The USDJPY currency pair has been forming a head and shoulder pattern on the weekly and daily timeframes, which suggests a potential downward movement in the market. Additionally, the 1D demand zone was breached and pushed the price up to the height of the right shoulder. This article will examine the technical and fundamental factors that are driving the market and provide a forecast for the USDJPY currency pair.

      Sell USDJPY
      End Time
      CLOSED

      135.000

      ENTRY PRICE

      128.000

      TGT PRICE

      138.000

      SL PRICE

      131.080 -0.453 -0.34%

      2076

      Points

      Profit

      128.000

      TGT PRICE

      132.924

      CLOSING

      135.000

      ENTRY PRICE

      138.000

      SL PRICE

      USDJPY Head and Shoulder Pattern Signals Possible Downside_1Technical Analysis:

      The head and shoulder pattern is a bearish reversal pattern, indicating that the price may decline in the near future. The left shoulder and the head of the pattern were formed in January and March 2022, respectively, with the right shoulder forming in recent weeks. The neckline of the pattern has been drawn across the recent lows of the price, with a breach of this level signaling a confirmed breakout.
      USDJPY Head and Shoulder Pattern Signals Possible Downside_2In addition, the price has formed a rising wedge on the 4-hour timeframe, with a breakout to the downside suggesting further bearish pressure. The demand zone, which was previously acting as support, has been breached, indicating that the market sentiment has shifted to bearish.

      Fundamental Analysis:

      The recent non-farm payroll report showed lower than expected job growth, indicating that the recovery may be slower than anticipated. Moreover, the consumer price index (CPI) is set to be released on Tuesday, and if the print is negative, it could further weaken the US Dollar and push the USDJPY currency pair to the downside.

      Forecast:

      Based on the technical and fundamental factors, we expect the USDJPY currency pair to continue its downward movement. If the price breaches the neckline of the head and shoulder pattern, we could see a further drop to the second demand zone. Alternatively, the price may consolidate in the demand zone before attempting a rebound, but any rally is likely to be short-lived.

      TRADE RECOMMENDATION

      SELL USDJPY
      ENTRY PRICE : 135.500
      STOPLOSS : 138.00
      TAKE PROFIT : 128.00
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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      Warren Takunda

      Analyst

      Warren Takunda is an experienced financial analyst and CFO at Verge Capital in Dubai, with a proven track record in the finance industry. He leads the finance team and is responsible for financial planning, analysis, and reporting. Warren has extensive experience in financial modeling and investment analysis, which enables him to provide valuable insights to clients.

      Rank

      7

      Articles

      139

      Win Rate

      57.02%

      P/L Ratio

      1.03

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      XAUUSD, EURUSD, GBPJPY

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