USD/JPY:   bears showed their weakness

USD/JPY: bears showed their weakness

Recommendation: BUY 110,6 SL 110,05 TP1 112,1 TP2 113,8. 

On the USD/JPY daily chart, the Bears' failure to move below support at 109.35 (78.6% of the last corrective wave) was a signal of their weakness. To launch a counterattack, the Bulls need to break the resistance at 110.5. Once it is broken, the risks for implementation of the target 88.6% of the Shark inverted pattern will increase substantially.

On the USD/JPY hourly chart, a further direction of the pair will be determined by the Bulls' attempt to return the quotes to the previous consolidation range of 110.35-111.9. If they succeed, the formation of the Shakeout-Fakeout pattern may lead to the continuation of the rally.



USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

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