USD/JPY 1H Chart: Head and Shoulders

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A second attempt at launching an attack on December highs of 118.28 turned out unsuccessful with a head and shoulders formation on the hourly scale. The shoulders lie at 114.90, while the top is set at 115.43, and the pair has just broken the neckline of 114.71 to show a conclusive bearish signal. However, it appears that the pair is currently struggling with a cluster of supports at 114.56 and might need a slight correction to gain enough potential for a break below. The next target would lie at 114.49 and open the way to 14.28 after the aforementioned area breaks along with the cloud that has framed all of the second shoulder.
© Dukascopy Bank SA
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