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Forex Flash: USD/JPY targets significant break – RBS

The inverse head and shoulders pattern seen recently in the USD/JPY met its target almost perfectly and failed at the previous highs from 2010 that are clustered between the 92.32/94.77 levels. The recent high was 94.77, which was conveniently the exact high in April 2010. According to William Moore, a Technical Strategist at RBS, “From a technical perspective after the extraordinary move higher we’ve witnessed positions look to be lighter and now I look to the 91.24/94.77 range for the significant break. Breaks higher from this consolidation and 97.50 becomes the target, where as breaks lower open the 61.8% retracement of this recent range at 89.56.”

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