The USD/JPY currency pair is currently showing a tendency to decline. The price movement is starting to lose upward momentum and has the potential to experience a reversal from the previous short-term upward trend to the current downward trend.
The technical signals in favor of the decline are reinforced by the formation of the Head and Shoulders pattern, which is one of the most powerful reversal patterns in technical analysis. As long as the price does not break the resistance area, the downside potential will remain dominant.
Recommendation:
- Sell USD/JPY
- Entry: 143.810
- Take Profit: 143.310
- Stop Loss: 144.127
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