Selling USDJPY on head and shoulders formation (31.05.2013)

USDJPYWe were quick to spot a head and shoulder pattern being formed on the USDJPY . Hence we are selling.

Read about the Trend/Wave/Extreme system here

USDJPY (4-HOUR) SELL 

Why sell

  • USDJPY has been on UP-Trend for quite a while while now it appears to be reversing.
  • The head and shoulders reversal pattern can be seen
  • Trend (long term) and Wave (short term) indicators are all pointing down
  • None of the Extreme indicators are pointing oversold

Read about the Trend/Wave/Extreme system here

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.