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USD/JPY: bulls want revenge

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Recommendation:

BUY 112.10

SL 111.55

TP 113.00 TP2 114.30 TP3 115.00

On the daily chart, USD/JPY bulls managed to fight back bears and return the pair inside the previous downtrend channel. This increases buyers’ chances for revenge. To begin with, they need to take an important resistance of 111.65.

JPY1.png 

On H1, USD/JPY can for the Dragon’s head in line with the “Dragon” pattern in the 111.70-112.05 range. Only a confident break of the previous consolidation will allow bulls continue the rally.

JPY2.png

FBS Analyst Team

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