Yen Futures Failed at a Breakout Attempt Through the Red Inverse H&S Neckline and have Reentered the Orange Triangle After a Fake Breakout
Yen futures failed at an upwards breakout attempt through the red inverse H&S neckline and have reentered the orange triangle after completing a rising megaphone top.
The fake breakout through the orange triangle top makes the yen a favorite to put in a real breakout downwards.
Update: And USD/JPY is making a clear bottoming megaphone at its H&S neckline.
USD/JPY Bottoming Megaphone (Orange and Black)
If USD/JPY starts forming new interior megaphones across VWAP of the larger black and orange bottoming megaphones, a triangle could be forming and that would be bearish. Otherwise the red megaphone would usually put in a melt-up wave to its top.