USD/JPY inverse head and shoulder reversal confirmed, time to start buying

The price has now formed a beautiful inverse head and shoulders reversal triggering a bullish move above 111.42 support (Fibonacci retracement, horizontal overlap support, and neckline support) for a push up to 112.85 resistance (Fibonacci retracement, Fibonacci extension, and horizontal overlap resistance).

RSI (55) similarly sees pullback support above the 47% level which would hold the price up for its push towards 112.85.

Buy above 111.42. Stop loss is at 110.60. Take profit is at 112.85.

The material has been provided by InstaForex Company - www.instaforex.com