USD/JPY: bulls retreat, but don’t give up

USD/JPY: bulls retreat, but don’t give up

Recommendation:

BUY 112.80

SL 112.25

TP1 113.70 TP2 115.20

On the daily chart, USD/JPY bears managed to lead the pair outside of the uptrend channel. Together with this, reaching 78.6% of the Gartley pattern will allow bulls to seize the initiative. For a start, buyers need to settle above an important level of 111.65 yen. 

JPY1.png 

On H1, USD/JPY bulls are hoping for a “Shakeout-Fakeout” pattern. For that, they need to return the pair to the middle of the previous consolidation range of 112.05-113.65.

JPY2.png

jpy

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