usdjpydaily

As you are probably well aware by now, the market has been closely watching this formation so it is no surprise that we have graduated towards the mid-point. Short term stops are now to be expected above the recent 97.25 high.

Footnote: A Head and Shoulders formation is a major reversal pattern and as such should come at the beginning or end of a major move. I find this formation really only works on long term charts at major reversals and is less effectual on short term moves.