USD/JPY: a shark in the waves
Read the article on FBS website
Recommendation:
BUY 111.05, SL 110.5 TP1 112.05 TP2 112.4 TP3 113.3
SELL 109.8 SL 110.35 TP1 108.8 TP2 107.85
On the daily chart, USD/JPY recovered from an important support level at 109.9 (38.2% of the long-term descending wave) and inspired bulls for counterattack. They are trying to bring the pair outside of the downtrend channel. Bears, on the contrary, are still hoping to trigger a “Bat” pattern with the target at 88.6%.
On H1, there’s still a “Wolfe waves” pattern and USD/JPY may trigger a “Shark” pattern with a target at 88.6%.
