USD/JPY: bulls were fed to the shark

USD/JPY: bulls were fed to the shark

2019-11-11 • Updated

Recommendation:

BUY 111.65

SL 111.10

TP1 112.50 TP20 112.90  

On the daily chart, USD/JPY returned to the previous long-term channel. At the same time, the pair reached 113% target of the “Shark” pattern. As a result, the risks of a pullback increased. The necessary condition for the start and the development of a correction are a successful test of resistance at 111.65.

JPY1.png 

On H1, the risk of transformation of the “Shark” into 5-0 have increased. Correction towards 38.2% and 50% of the wave CD is usually used for opening short positions.

JPY2.png

 

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