USD/JPY: bears prepared an ambush

USD/JPY: bears prepared an ambush

2019-11-11 • Updated

Recommendations:

SELL 109.95 SL 110.5 TP1 108.95 TP2 107.9 TP3 106.95

SELL 108.55 SL 109.1 TP1 107.55 TP2 106.95 TP3 105.95

On the daily chart, USD/JPY keeps correcting to the downtrend with the help of the “Wolfe waves” pattern. The pair is close to convergence area of 109.65-109.95, from where it may reverse. In this place, there’s also a target at 88.6% of the “Shark” pattern.

JPY1.png 

On H1 of USD/JPY, there’s a “Spike and reversal with acceleration pattern”. As long as the pair’s above the trendline of the initial stage, bulls are in control of the situation. A break of support at 108.55 will trigger a “Shark” pattern.

JPY2.png

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