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    USD/JPY – Consolidating in a side way pattern

    The USD/JPY pair has formed a reverse head and shoulder pattern on a 4 hour time frame. However, the price has broken its neckline towards the downside and this means that either we could be forming another right shoulder and this will change the pattern to complex reverse head and shoulder pattern. The price is trading below the 50 day shown in in yellow color moving average but it is trading above the 100 day (shown in red) moving average. This shows that although the bulls are losing their control very fast but they still have a chance as long as th price stays above the 100 day moving average.

    The RSI and MACD are trading in line with the price action and this means that the bias is towards the downside in the short term.

    USDJPY27-07-2015

    Important  Zone

    Support

    121.48-121.14

    120.11-119.75

    Resistance

    124.62-124.31

    125.85-125.64


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