A possible drop for USD/JPY

A possible drop for USD/JPY

Recommendation: SELL 112.6

SL 113.15

TP1 111.95 TP2 111.5 TP3 111.05

On the daily chart of USD/JPY, there is a battle between bulls and bears to reach an important level at 88.6% of XC wave of the “Shark” pattern. If bulls win, they will continue to follow targets at 113% and 161.8% on the “Shark” and AB=CD patterns. If bears strike back, the price will return to 112.5 and 111.9.

USDJPY daily.png 

On H1 chart for USD/JPY, bears managed to move the price from the rising channel. If it continues to decline, it will activate the “Shark” pattern and move the pair towards its target at 88.6%.

USDJPY h1.png

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