NZD\JPY Head & Shoulders Pattern - 500 Pips

Head & Shoulders Chart Pattern at NZD\JPY

A Head & Shoulders pattern was completed at the NZD\JPY exotic pair, at daily chart. The Head & Shoulders is considered the most reliable chart pattern, with over 95% win rate. This pattern is a strong reversal pattern that creates big trend reversals - and indicates a shift to a bearish trend at the NZD\JPY.

A pullback to the neckline has started to occur - and when it is confirmed via a bearish candlestick we will enter a short trade. This should be a trade with very good Risk:Reward ratio, as the target for this trade is 500 pips.