USD/JPY: bulls are getting more active

USD/JPY: bulls are getting more active

Recommendation:

BUY 112.10

SL 111.55

TP1 113.05, TP2 114.05 

On the daily chart, USD/JPY recoiled from support at 110.55. This allowed bulls to counter attack. The pair left the long-term descending channel and is testing resistance at 112.05-112.10. If the test is successful, USD/JPY will continue rising. Otherwise, the pair will reverse downwards.

JPY1.png

On H1, USD/JPY reached targets of an inverted “Head and Shoulders” pattern. As a result, the pair approached resistance at 112.10 (38.2% of the last bearish wave). The break will increase the odds of the inverted “Shark” pattern with a target at 113%.

JPY2.png

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