USD/JPY: bulls have awakened

USD/JPY: bulls have awakened

Recommendation:

BUY 113.25

SL 112.7

TP1 114.3 TP2 115.35

On the daily chart, the inability of bulls to hold quotes within the long-term channel points at their weakness. Bulls counterattacked and want to reach 88.6% and 113% of the inverted “Shark” pattern.

JPY1.jpg 

On H1, USD/JPY formed a “Widening wedge”. A break of 78.6% of the wave 4-5 means that bulls are serious. A successful test of resistance at 113.25 will become a signal for opening longs.

JPY2.jpg

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