USD/JPY: bulls grab the biggest piece of the pie

USD/JPY: bulls grab the biggest piece of the pie

Recommendation:

BUY 109.9

SL 109.35

TP 111.65

 

BUY 109.4

SL 109.95

TP1 110.9 TP2 111.65

 

On the daily chart, bulls showed their strength as they managed to lead the pair outside of the long-term descending trend channel. Before that, the pair returned inside the medium-term uptrend channel. If buyers manage to keep the USD above 110.52, the odds of continuation towards 88.6% target of the Shark pattern will significantly increase.

JPY1.png 

On H1, USD/JPY formed a “Widening wedge” pattern. Pullbacks towards 23.6%, 38.2%, and 50% are usually used for opening longs.

JPY2.png

jpy

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