USD/JPY: bulls were set free
Read the article on FBS website
On the USD/JPY daily chart, the exit of quotes beyond the limits of the long-term downward channel followed by the successful test of the resistance at 113.3 allowed the Bears to continue the realization of the Butterfly pattern. Its target 127.2% is located near 117.4.
On the USD/JPY hourly chart, the realization of the Dragon and AB=CD patterns continues. Target 200% of the AB=CD pattern is fulfilled. This increases the risks of the quotes’ rollback. The current trend is still bullish, thus corrections towards 113.75 and 113.45 can be used for opening long positions.
