With that move, the head and shoulder has completed the price projection and this again goes to show how powerful candlestick pattern can be in trading.
I hope that with this live head and shoulder movement, you guys can now understand how it works so that you can spot it and make a profit out of it the next time it occur.
Below is a screenshot of the USDJPY Hourly chart
If you take a look at the price, you will see that it was stopped for a few candles when the price hits the price projection I have shared with you yesterday. As the short term trend is very strong, it manages to break below and continue its down run.
Will The USDJPY Continue Its Down Run?
This must be the question in most of your head at the moment. With the Head & Shoulder Formation, it is a sign of reversal and I will say that the short term trend has now been shifted to down trend.
By the completion of the price projection, it means that the price has now enter the Short Term mode. I am not saying that you should enter a SELL trade now as the price may retrace before it continues its down run.
So please keep a look out for the price to hit a major resistance during the retracement as it may trigger the next wave of down move.
By forexindicator.org
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