Quotes of the dollar yen currency pair USD JPY tested the resistance area at the level and at the moment has the potential to start falling in the limits of formation of inverted head and shoulders pattern.
USD JPY Forecast Japanese Yen on July 18, 2016
To complete this model quotations pair USD JPY is necessary to show a drop to below the 104.40 level, where we can expect the beginning of growth in mining within the inverted head and shoulders pattern with a potential target of the level above 110. Cancellation option of forming a head and shoulders pattern is a continuation of the fall USD JPY quotes below 99, which points to a continuation of the downtrend in the pair.
USD JPY Forecast Japanese Yen on July 18, 2016 implies a decline of quotations USD JPY in the framework of the formation of the right shoulder reversal pattern head and shoulders.
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