USDJPY Forecast: Inverse Head and Shoulders, Potential Bullish Reversal
The USDJPY had indecisive movement yesterday, formed a Doji on daily chart. The main trend should remains bearish, but we have bullish reversal (correction) warning showed by an inverse head and shoulders formation, as you can see on my h4 chart below. Please note that the bullish reversal scenario will be confirmed only if the price breakout above the â€œnecklineâ€. Immediate resistance is seen at 93.50. Break above that area could also be considered as a breakout above the â€œnecklineâ€ which could trigger further bullish correction at least towards 94.15 or even 95.00 area. Initial support at 92.60 followed by 91.80 key support level.