The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
USD/JPY: bulls go north
2019-11-11 • Updated
BUY 113.65 SL 113.1 TP1 114.65 TP2 115.35
SELL 112.75 SL 113.3 TP 111.75
On the daily chart, USD/JPY bulls managed to conquer resistance at 113.00 and return initiative in their hands. As a result, the odds of reaching 113% target of the inverted junior “Shark” pattern increased.
On H1, USD/JPY keeps correcting to the wave CD as the “Shark” pattern is transforming into 5-0. Return of the pair 50% and the following successful test of the diagonal support will increase the risk of decline. On the other hand, increase above 78.6% and 88.6% will allow bulls to continue the rally.
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