A longer term inverted head and shoulder’s is setting up on the AUDJPY

A setup is simply “a setup.” For now, the AUDJPY trend is down, but the reversal pattern is developing in the AUDJPY. The right shoulder is being formed currently and the neckline is at the 76.40 level. That neckline must be broken for the pattern to be “in play.” With the China/US trade deal hanging in the wind, we will have to see some key progress in that matter in order for this pattern to play out bullishly. However, the “setup” is developing.

AUDJPY Inverted H&S Formation

Blake Morrow