USD/JPY: market tests Cloud’s support
Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen.
USD/JPY: bulls-bears 5:0
Recommendation: BUY 111,7 SL 111,15 TP 112,85.
On the USD/JPY daily chart, the "Shark" pattern transformed into 5-0. The rebound from 61.8% and 50% levels of the last corrective wave can be used for opening long positions. There will be a restoration of the uptrend if the bulls manage to push the quotes above the upper border of the downward trading channel.
On the USD/JPY hourly chart, there is a consolidation. It might have been brought about by the accumulation of long positions by market majors. A breakout of the resistance at 111.68 will activate the inverted "Shark" pattern. Its target 113% is located in the convergence zone of 112.8-112.95 levels.
Anastasia Mileshkina
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