USD/JPY: a reversal is close

USD/JPY: a reversal is close

Recommendation:

SELL 110.85 SL 111.4 TP1 109.85 TP2 109 TP3 108.55

On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation. At the same time, the closeness of convergence area of 110.85-111.15 (61.8% of the last medium-term descending wave + 113% target of the “Shark”) increases the risk of bears’ counterattack.

JPY1.png 

On H1, the fact that USD/JPY is renewing May high will allow it to 161.8% and 200% targets of AB=CD and increase the odds of the reversal “Three Indians” pattern.

JPY2.png

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