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

EUR/USD: euro wants to surf

On H1 of EUR/USD, bulls want to trigger “Wolfe waves” pattern with a target at the line 1-4. At the same time, if the pair doesn’t leave the downtrend channel, their plans will fail.  

USD/JPY: the Bears have won

Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines

jpy

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