USD/JPY: bulls wait for the signal to attack

USD/JPY: bulls wait for the signal to attack

Recommendation: BUY 111,95 SL 111,4 TP 113,9 TP2 117.

On the USD/JPY daily chart, the transformation of the inverted Shark pattern into 5-0 continues. A corrective movement towards 50% and 61.8% levels of the CD wave can be used for opening long positions. In the current situation, it is better to wait for the moment when the resistance at 111.95 is tested. A successful test of this resistance may result in activation of the Crab pattern with target 161.8%.

On the USD/JPY hourly chart, the Expanding wedge pattern is formed. To complete it, the point 5 should be formed. A break of the resistance at 111.5 will allow us to open long positions.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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