Head & Shoulders?

Good Day Dynamic Traders,

Today's chart is the Dollar Yen. After a longer term downtrend, we have observed the price rally since the beginning of this year. It has challenged the 100 mark numerous times, successfully broke through it on one occasion but found resistance further up and came back down again. Price has since not been able to break above this level.

The daily chart below is presenting us with a possible head and shoulders in a downtrend. The reason I say possible is because we would not know until the pattern has completed. Price is at the trend line, should it break through, our learned mentor's entry strategies can be employed to enter the trade. Do note that price will not move in a straight line and will likely come back to retest the trend line.

Equally given that price is at a trend line it may find support and bounce up. Nothing in trading is guaranteed therefore the best position to be in is in a state of readiness to receive what is being presented and act appropriately.














Good Trading!
Bijal Shah

www.fxcps.co.uk
www.fxcps.eu
www.dynamictraderblog.com

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