USD/JPY: sharks are around the yen
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Recommendation:
BUY 113.00
SL 112.35
TP1 113.90 TP2 115.40
On the daily chart, USD/JPY retraced 50% of the wave CD in line with the transformation of the “Shark” into 5-0. Another test of resistance at 113 in case of success will increase the odds of the rally’s continuation towards 113% target of the senior “Shark”.
On H1, the junior “Shark” pattern is transforming into 5-0. To develop correction to the short-term downtrend with its following break bulls need to conquer resistance at 112.80-113 and at 113.25.
