I wrote about the USDJPY last week on 07.04 in the article: “Will there be H&S ?” Today’s day answered this title question, because it was on Easter Monday that the price of this pair reached the neck-line finishing drawing the H&S formation. The London session began with a fairly smooth crossing of the said line and the quotations reached 107.50. We are currently observing a correction of today’s drops, the price goes towards the neck line from the bottom, we can expect a re-test.
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USDJPY has traditionally been one of the safe haven instruments, as of tomorrow US listed companies will begin to publish quarterly results, which may lead to another wave of stock sell-off on the NYSE, which may strengthen the Japanese yen and lead to falls on the USDJPY pair. It is worth looking at the quotations of this pair, and if there is a downward signal in the form of a pinbar or a bearish engulfing pattern, you can open a sell order with the first target of 107.13, where the nearest demand zone is located.
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