After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
Bad days for USD/JPY
2019-11-11 • Updated
TP1 111.05 TP2 110.6 TP3 109.8
On the daily chart, bulls failed to push USD/JPY above an important resistance at 112.45 from the first attempt. Another test of this level will increase the odds of advance to 88.6% and 113% of the inverted “Shark” pattern, as well as 161.8% of AB=CD.
On H1, USD/JPY formed a reversal pattern “Three Indians” near 127.2% target of AB=CD. This increases the risks of a pullback. A break of support at 111.70 will allow bears to trigger a «Broadening wedge”.
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