Bad days for USD/JPY

Bad days for USD/JPY

Recommendation:

SELL 111.70

SL 112.25

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.

USDJPY daily.png 

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”.

USDJPY h1.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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