USD/JPY: bulls prepare for an attack

USD/JPY: bulls prepare for an attack

2019-11-11 • Updated

Recommendation:

BUY 112.33

SL 111.78

TP1 113.50, TP2 114.50, TP3 117.40 

On the daily chart, bears are trying to keep the pair inside the long-term downward channel. Never the less, they will fail if bulls push USD/JPY above the diagonal resistance and settle above 112.10 (38.2% of the descending wave).  

yen1.png

On H1, the break above the upper border of the descending channel signaled that correction ended. Successful break above resistance at 112.33 will allow the pair to reach new bullish targets.  

yen2.png

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