USD/JPY: bears are attacking

USD/JPY: bears are attacking

2019-11-11 • Updated

Recommendation:

SELL 111.15

SL 111.70

TP1 110.15 TP2 109.90 TP3 109

On the daily chart, bears managed to seize the initiative and return USD/JPY to the long-term downtrend channel. As a result, the odds of it getting to 161.8% target of AB=CD increased. It’s located near 109.

USDJPY daily.png  

On H1, USD/JPY is forming a “Bat” with the 88.6% target. A break of support at 110.60 or a retest of the lower border of the uptrend channel near resistance at 111.15 will allow bears to continue the attack.

USDJPY h1.png

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