USD/JPY: bulls left the stall

USD/JPY: bulls left the stall

Recommendation:

BUY 114.3

SL 113.75

TP1 115.3 TP2 116.25 

On the daily chart, USD/JPY will continue forming the “Shark” pattern with the target at 113%. Rebound of the quotes from the lower border of the upside trend channel with the following formation of the pin bar means that bulls are seizing back the initiative.

JPY1.png 

On H1, a break above of the neckline of “Head and shoulders” pattern points at unsuccessful retest. This strengthens the risks of the pair’s advance. Its return to resistance at 114.30 with the following increase above this level will allow bulls to continue the rally.

JPY2.png

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