USD/JPY Bearish M Pattern Formed

Analyst, Full-Time Trader • Dec 4, 2020 at 5:33 AM EST

USD/JPY has formed a bearish M pattern and we might expect the price to break in the case of bad NFP results.

The NFP with all the data will be released later in the day. The pair has formed a narrow range before the NFP. We can spot a POC zone and a potential breakout point. 104.25-35 is the zone where we might expect rejection from. Above 104.35 there will be a bullish breakout. Below 103.65 we should see a bearish breakout. Bullish targets are 104.69 and 105.16. Bearish targets are 103.35 and 103.00.

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