USD/JPY: bulls want to be free

USD/JPY: bulls want to be free

Recommendation:

BUY 111.75

SL 111.2

TP1 112.75 TP2 113.75 TP3 115

On the daily chart of USD/JPY, bulls managed to conquer diagonal resistance in the form of the upper border of the downtrend channel and lead the pair in the empty area. As a result, the odds of it getting to 200% target of AB=CD increased.

USDJPY1.jpg 

On H1 of USD/JPY, a break of 111.4 accelerated the pair’s advance. Bulls are dominating, so pullbacks to dynamic support (EMA21) may be used for buying.

USDJPY2.jpg

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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