USD/JPY: a shark in the waves

USD/JPY: a shark in the waves

Recommendation:

BUY 111.05, SL 110.5 TP1 112.05 TP2 112.4 TP3 113.3

SELL 109.8 SL 110.35 TP1 108.8 TP2 107.85

On the daily chart, USD/JPY recovered from an important support level at 109.9 (38.2% of the long-term descending wave) and inspired bulls for counterattack. They are trying to bring the pair outside of the downtrend channel. Bears, on the contrary, are still hoping to trigger a “Bat” pattern with the target at 88.6%.

USDJPY daily.png 

On H1, there’s still a “Wolfe waves” pattern and USD/JPY may trigger a “Shark” pattern with a target at 88.6%.

USDJPY h1.png

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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