USD/JPY: a further downfall is not ruled out

USD/JPY: a further downfall is not ruled out

On the USD/JPY daily chart, the bulls failed to push quotes outside the downward trading channel. The 5-0 pattern has been fulfilled. Rollback from the 38.2% level of the CD wave allowed us to open short positions. The update of March lows will increase the risks of continuation of the downward movement towards108.8 and lower.

On the USD/JPY hourly chart, the attack on the important resistance at 111.45 has failed. A successful test of the support at 110.25 will activate the AB = CD pattern with target 109.6.

Recommendations:

SELL 110,25 SL 110,8 TP1 109,6 TP2 108,8,

BUY 111,45 SL 110,90 TP 112,85. 

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