USD/JPY: yen is in the limbo
Read the article on FBS website
Recommendation:
SELL 108.30 SL 108.85 TP 107.3 TP2 106.3 TP3 105.3
BUY 110.25 SL 109.7 TP 111.25 TP2 111.6 TP3 111.8
On the daily chart, USD/JPY formed an Inside bar. To continue the decline, bears need to pull the pair below support at 108.90 and 108.30. On the other hand, a break of resistance at 109.9-110.15 with the following triggering of the “Bat” pattern will increase the risks of a pullback.
On H1, USD/JPY went outside of a triangle. This increases the odds of formation of the “Crab” pattern with the target at 161.8%. The condition needed to resume the downtrend is the decline below support at 108.90.
