Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen
USD/JPY: bulls regain their strength
Recommendation: BUY 111,95 SL 111,4 TP1 113,5 TP2 114,6.
On the USD/JPY daily chart, the Bears failed to consolidate below 110.5. This tells us about their weakness. Bulls launched a counterattack and became ready to activate the Crab pattern and to implement the 5-0 pattern. But first, they need to test the resistance at 112.05.
On the USD/JPY hourly chart, the formation of the expanding wedge pattern continues. To activate this pattern, the Bulls need to update the high at point 3. The resistance is located at 111.95. If it is tested successfully it will be a signal for opening long positions.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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