USD/JPY: bears showed strength

USD/JPY: bears showed strength

Recommendation:

SELL 106.4

SL 106.95

TP1 105.4 TP2 105 TP3 102.8

On the daily chart of USD/JPY, bears managed to keep the pair inside the downtrend channel. The downtrend is sustainable. The pair keeps declining towards 161.8% target of AB=CD.

JPY1.png 

On H1, USD/JPY reached the targets of “Three Indians”. If the pair reaches 88.6% of the “Shark” pattern will increase the risks of the decline towards 23.6%, 38.2% and 50% of the wave CD. The correction will allow forming short positions.

JPY2.png

Similar

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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