USD/JPY: bears are preparing a counterattack

USD/JPY: bears are preparing a counterattack

Recommendations:

SELL 108.95

SL 109.5

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.

usdjpy_d.png

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.

usdjpy_60.png

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