We have had a nice downtrend with lower highs and lower lows, and we are approaching a support zone if you zoom out on the daily chart or 4 hour.
We bounced at the 71 zone which is a good confluence to our trade.
You can see where we are on the chart that we look to be forming a head and shoulders pattern. Also, if we break above the neckline, we also break above the previous swing (lower high) which is significant so await the break of course.
Of course if markets do sell off, as most of the equity markets are re-testing their initial break out zones, then the yen may appreciate on risk. So again, be patient and await the break if we get it. If not then there is no set up.
We bounced at the 71 zone which is a good confluence to our trade.
You can see where we are on the chart that we look to be forming a head and shoulders pattern. Also, if we break above the neckline, we also break above the previous swing (lower high) which is significant so await the break of course.
Of course if markets do sell off, as most of the equity markets are re-testing their initial break out zones, then the yen may appreciate on risk. So again, be patient and await the break if we get it. If not then there is no set up.