EURJPY head and shoulders setup.

A head and shoulders isn’t really one until we break the neckline. And that is definitely the case with the EURJPY in the next 24 hours. However, the setup is great in case the FOMC comes in a little more hawkish that expectations. What “should” happen is the stock market may see some downside pressure and EURJPY could fall as a result. The 124.40 level is the neckline and that is important for bulls to hold. If you are bullish the EURJPY, being long near the neckline with a right risk vs reward (stop) makes sense as well.