AUDJPY Renko Analysis - Inverted H&S

AUDJPY - Head & Shoulders

The neckline comes in at 93.518 which could make it an ideal level to go long from. But the risk comes from the minor retracement of 2 bearish bricks. So an alternative trade would be to pending buy from 96.046 which makes it less attractive.

But if you compare the bricks (4 bricks from 96.406) to target of 98.574, the retracement should ideally stop at 93.518, which makes it 4 bricks down (3 down + 1 reversal).

All in all, this looks like a very neat trade set up.