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USDJPY Inverse Head and Shoulders playing out

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USDJPY is positively correlated with equities and traders should watch for equities and oil if trade this pair. Nikkei during Asia, DAX during Europe and SP500 during US session have an impact on this pair. Equities were bullish this morning and we saw UJ spiking up above 113.00. Technically USDJPY has spiked above the channel making inverse head and shoulders pattern which is seen as a bullish sign. You can see a big inverse H & S pattern with EMA 89 and 38.2 making a confluence zone

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