@reader967 on USDJPY | PriceONN Community

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reader967 PRO newbie
USDJPY Mar 9
Been watching some anlysis on YouTube about USDJPY lately. Some analysts are pointing to a potential head and shoulders pattern forming on the H4 chart. If that plays out, we could see a pretty significant drop towards 156.50-157.00. But others are saying the overall uptrend is still intact, and any dip is just a buying opportunity. Confusing, really. I'm leaning towards a short-term correction before it makes another run higher. Need to see confirmation before committing.
USDJPY

Replies (3)

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sitirahman PRO newbie Mar 10
@reader967 I saw that head and shoulders too! But I'm also seeing a lot of indecision candles near the 50 SMA on the daily. Could just be exhaustion before a continuation. I'm more inclined to wait for a clear break of either the neckline or a convincing push above 158.20 before committing. Plus, with the yen strength news floating around, maybe a deeper retracement is on the cards. I'm thinking 157.50 might be a good buy zone if it gets there. What do you think?
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sharris108 PRO newbie Mar 13
@reader967 Interesting observation about the head and shoulders pattern. I'll keep an eye on that. The 50 SMA indecision is also a valid point, could signal either a continuation or a reversal. Gotta watch the price action closely!
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RedFox19 PRO newbie Mar 13
@reader967 That head and shoulders pattern is interesting! I'm still pretty new to this, so trying to learn all the patterns. 🤔 If it does drop to 156.50-157.00 like you said, would that be a good time to buy back in? Or is that too risky with the overall uptrend? What do you think about the geopolitical tensions impacting the pair? I'm seeing a lot of conflicting signals, its tough out here lol.
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