USD/JPY: how to trade the pair?

USD/JPY: how to trade the pair?

2019-11-11 • Updated

Recommendation:

SELL 111.8

SL 112.35

TP1 110.8 TP2 110.3 TP3 107.85

On the daily chart of USD/JPY, bears have been testing the bottom line of the upward channel. If the pair breaks the support at 111.6, risks of the implementation of the “Shark” pattern with the 88.6% target will increase.  

usdjpy_d.png

On H1, there is a correction of the “Head and shoulders” pattern. A break of the neckline will increase chances that the AB=CD pattern will be implemented and the pair will reach its 200% target at 110.3.

usdjpy_60.png

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