The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
USD/JPY is aiming at 116
2019-11-11 • Updated
TP1 114.4 TP2 115.3 TP3 116.3
On the daily chart, USD/JPY keeps forming 161.8% target of AB=CD. As long as the pair is above 113.35 (61.8% of the descending wave), bulls are in control. As a result, pullbacks may be used for long positions.
On H1, USD/JPY keeps forming “Wolfe waves” pattern. Corrections to 23.6% and 38.2% with the following pullback form the support levels should be used for buying.
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