USD/JPY: yen gains power
Read the article on FBS website
On the daily chart, bears managed to pull the pair below 110.50 (23.6% of the last descending wave) and settled below this level. Sellers retain control of the pair and pull the pair towards 200% target of AB=CD pattern. In order to counterattack, bulls need to return the pair above 110.50.
On H1, the situation looks desperate for buyers. The nearest support levels are close to 109.65, 109.01-109.15 and 108.70. They correspond to 127.2%, 161.8%, 200% and 224% of AB=CD pattern.
