USDJPY Building a Head and Shoulders formation; Bullish

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USDJPY – Wednesday’s indecision was resolved yesterday with USDJPY posting the 3rd lower daily high and low in succession. Although this is bearish for sentiment the selloff has stalled close to 92.18, 8th Feb low trade, and buying has been posted overnight. This move lower is seen as a completed 3 wave correction and although the medium term bias is mildly bearish, there is ample scope for buying going into today. The call is Bullish with a stop at 92.24.The profit targets are 92.80, 93.17 and 93.60.

USDJPY

The risk would be selling through a stop of 92.24, the overnight low trade.

USDJPY