Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
USD/JPY: bulls regain their strength
2019-11-11 • Updated
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.
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