USD/JPY Technical Analysis: Forming a bearish Head & Shoulders pattern on hourly chart
• The pair struggled to build on overnight goodish rebound and was now seen retracing from an important horizontal resistance, near the 112.65 region.
• The pair now seems to be in the process of forming a bearish Head & Shoulders chart pattern on the 1-hourly chart, with neck-line support near the 111.95 region.
• Meanwhile, neutral technical indicators on hourly/daily charts have failed to support any directional bias, though seemed to have lost positive momentum.
Hence, it would be prudent to wait for a convincing break through the neckline support before •confirming the bearish set-up and positioning for any further near-term downfall.
USD/JPY 1-hourly chart
-636759626509058631.png)
USD/JPY
Overview:
Last Price: 112.5
Daily change: 6.0 pips
Daily change: 0.0534%
Daily Open: 112.44
Trends:
Daily SMA20: 112.96
Daily SMA50: 112.04
Daily SMA100: 111.5
Daily SMA200: 109.84
Levels:
Daily High: 112.86
Daily Low: 111.95
Weekly High: 112.75
Weekly Low: 111.62
Monthly High: 113.71
Monthly Low: 110.38
Daily Fibonacci 38.2%: 112.3
Daily Fibonacci 61.8%: 112.51
Daily Pivot Point S1: 111.98
Daily Pivot Point S2: 111.51
Daily Pivot Point S3: 111.07
Daily Pivot Point R1: 112.88
Daily Pivot Point R2: 113.33
Daily Pivot Point R3: 113.79