Inverse Head and Shoulders on EUR/JPY

Inverse Head and Shoulders on EUR/JPY

The current technical pattern indicates a possible correction of the EUR/JPY currency pair after a significant decline in the past two weeks. A classic figure of Inverse Head and Shoulders (H1 timeframe) was formed in the trading instrument, which acts as a reversal formation. The key resistance is located at the level of 133.250. We recommend you to pay attention to this situation.

If the price fixes above the mark of 133.250, you need to look for entry points to the market to open long positions. The immediate goal for profit-taking is the round level 134.000. In the medium term, EUR/JPY may reach the level of 134.650-135.500. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.02.15

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more