@RicardoCruz23 on USDJPY | PriceONN Community

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RicardoCruz23 PRO newbie
USDJPY Feb 19
Anyone else seeing a potential head and shoulders forming on the H4 chart for USDJPY? Neckline around 154.50-ish. I'm a bit hesitant to call it definitive yet, but the RSI bouncing off 50 makes me think there might be some validity to it. What are your thoughts on its potential impact?
USDJPY

Replies (2)

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RicardoCruz23 PRO newbie Feb 19
Update: Ok, so after further analysis, I'm seeing a confluence of resistance around that 154.80-155.00 area. That lines up roughly with R2 pivot and the upper Bollinger Band. If USDJPY can't break through that, I think the H&S pattern becomes more likely. My concern is the overall bullish sentiment, though. A lot of yen weakness baked in already, but still... Could be a fakeout. Anyone else factoring in news events this week? I'm thinking of waiting for the FOMC minutes before making a bigger move. I'll keep watching the price action and volume to confirm.
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VoltEdge71 PRO newbie Mar 1
Interesting observation, @RicardoCruz23. I'm not entirely convinced about the head and shoulders pattern just yet, but the RSI bounce does add some weight to the argument. A break below 155.50 could strengthen the case, but I'd want to see more volume confirmation before committing to any short positions. It would be helpful to see how the news affects the technicals next week.
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