USD/JPY Dollar/Yen Weekly Chart Inverted Head and Shoulders Pattern

We have watched the inverted H&S (yellow lines) form for over a year now and the breakout occurred thru the 85-ish neck line. The head is at 75-ish that provides a target of 95 (85+10). The BOJ and Japan government shows unity in the path forward to weaken the yen today but everyone and his brother was already looking for the weak yen and much of the run in the dollar/yen was already priced in near-term. The dollar/yen is printing 88.70 as this is typed. A weaker yen sends the dollar/yen higher and visa versa. Keystone's 80/20 rule says 8's lead to 2's, so the closes above 88 should lead to 92. Price will need to work to get thru the overhead resistance and congestion shown from early 2010.

The white lines show long and strong profiles for the indicators that want to see a higher high after a pull back, likely targeting the 92 level. The neck line at 85-ish was a very important level to punch thru so a back kiss is needed so price can confirm that it truly does want to continue higher moving forward. Williams is overbot and negatively diverged so this will help to create the near-term pull back. Projection is for a pull back to one of the support levels shown and perhaps a back test of 85, then back up to 92, then step-wise up until the 95 level and higher is achieved perhaps later this year. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.