USD/JPY: no one wants to give in

USD/JPY: no one wants to give in

Recommendation:

SELL 110.80

SL 111.35

TP1 110 TP2 109.20 TP3 108.50

On the daily chart, USD/JPY is fighting for an important level of 111.65 (50% of the long-term descending wave). If bulls manage to keep the pair above it, the risks of getting to 200% target of AB=CD will increase. On the other hand, if bears win, the way down towards 88.6% target of the “Bat” will be open.

EURJPY1.jpg 

On H1 of USD/JPY, a “Shark” is transforming into 5-0. Pullbacks towards 50% of the wave CD are usually used for selling. You can also sell on the break below 110.80.

USDJPY H1.jpg

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