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.

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