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USDJPY – Attack on Head & Shoulders Neckline

AUD?USD

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USDJPY – The year 2018 began with quite intense declines, since the opening of Asian markets (some are still celebrating), the pair has dropped 60 pips. On the Daily chart, we can see a characteristic Head & Shoulders formation, where the right arm (113.75) was confirmed by the next lower high created on December 21, 113.63.The blue line is the neck line of the H&S and its defeating heralds further declines. The possible range is the height of the formation – about 300 pips. But before we witness such declines, the pair must effectively overcome the mentioned neck line and the closest support at the level of 111.60 and than another at 110.80.

 

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I’m just an ordinary guy with a family that wanted a way not to live freely and to do something I have passion for. I found that passion when I stumbled across forex a few years ago and endeavored to find a way to make it work for me. This has become my journey and my life and this is the way I trade.

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