USD/JPY: the yen liked the “Shark”
Read the article on FBS website
Recommendation:
SELL 112.2
SL 112.75
TP1 111.35 TP2 111
On the daily chart of USD/JPY, there is the rally to 200% target of the AB=CD pattern. To continue the upward movement, bulls need to break the resistance at 113.3 (61.8% from the last long-term downward wave).
On H1, there is the “Spike and reversal with acceleration” pattern. After bears broke the trendline of the acceleration stage, they aim to break the support at 112.2. If they succeed, they will be able to implement the «Shark” pattern with 88.6% target.
