USD/JPY: bulls were set free

USD/JPY: bulls were set free

On the USD/JPY daily chart, the exit of quotes beyond the limits of the long-term downward channel followed by the successful test of the resistance at 113.3 allowed the Bears to continue the realization of the Butterfly pattern. Its target 127.2% is located near 117.4.

JPY1.png

On the USD/JPY hourly chart, the realization of the Dragon and AB=CD patterns continues. Target 200% of the AB=CD pattern is fulfilled. This increases the risks of the quotes’ rollback. The current trend is still bullish, thus corrections towards 113.75 and 113.45 can be used for opening long positions.

JPY2.png

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