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USD/JPY: L/T Bearish Signal; Confirming Broad H&S Pattern - SocGen
USD/JPY achieved last year the tipping point of 126.00 at the end of the sustained up trend from 2012 lows, and in the process, the pair traced a massive ABC formation since 1995 lows (Elliot Waves principles) with up-moves each lasting three years, developing within a steep bullish channel and falling through at the long-term up channel resistance, notes SocGen. "Historically, JPY has a tendency to reverse in a V-shaped formation which is this time completed by a Head and Shoulders pattern. Monthly indicator Stochastic has rejected the 20-year resistance (red horizontal line) then has given a negative crossover hence ... (full story)