USDJPY Forecast

The USDJPY slipped above the neckline and 83.05 yesterday but unable to maintain its bullish momentum and now back below the neckline. Although the “head and shoulders’ bearish scenario is losing its momentum now, unless we have a clear and consistent move above 83.05 and the neckline, the bearish scenario should remain intact. I am sure that you are already boring with this H&S view, so let’s take another technical view. As you can see on my h4 chart below, the pair has been moving in a big triangle formation indicates consolidation phase and need a clear break from the triangle to see clearer direction which unlikely to happen this week. On the upside, a consistent move above the neckline and 83.05 would trigger further bullish momentum testing 83.96 (the head). A clear break above 83.96 could be the beginning of a new bullish phase as price also has move above the triangle.

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