Day: February 20, 2011

USD/JPY Head-And-Shoulders on H4 Chart

A slightly sloped head-and-shoulders pattern has formed on H4 USD/JPY chart. It still hasn’t broken out but the most probable direction after such patterns is down. In case of a bearish breakout, the probable target is the height of the pattern subtracted from the breakout point. Here, it’s about 86 pips, which if removed from the current low point of the right shoulder, suggests a target of near 82.16 (green line). […]