The USD/JPY has made a false breakout above 113 level that was hinted by a shooting star pinbar rejection at 4/8 MM and W H3 camarilla.
The pair has formed a giant head and shoulders formation on 4h time frame and we should see rejections from 112.95-113.05 zone towards lower pivot point levels. Targets are 112.50 followed by 112.30 and 112.00-111.85. If 111.85 breaks the way towards 111.000 retest will be open. Additionally, Black Friday should see some selling into USD/JPY too.
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX