Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
USD/JPY: bears are preparing a counterattack
2019-11-11 • Updated
TP1 107.95 TP2 107.35 TP3 107.15
On the daily chart of USD/JPY, there are high risks of the reversal of the short-term upward movement as the pair reached the 88.6% target of the “AB=CD” pattern and the doji bar was implemented in the 109.63-109.93 convergence. To continue the rally, bulls need to break the May high.
On H1, the “Spike and reversal with acceleration” pattern is continuing to implement. Breaks of supports at 109.50 and 108.95 will increase risks of the decline to the 88.6% target of the “Shark” pattern.
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