Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
USD/JPY: sell the USD
2019-11-11 • Updated
Recommendation: SELL 112.3 SL 112.85 TP1 111.45 TP2 110 TP3 107.85
On a daily chart of USD/JPY, bears could not move the pair out of the upward channel and create a combination of “Three Indians” and 1-2-3 patterns. At first, sellers need to cross the support at 112.3. If they manage to break it, the 88.6% and 161.8% targets of the “Shark” and “Crab” patterns could be achieved.
On H1, there is a chance that the pair will reach targets of 5-0 pattern. If the support at 112.3 is broken, the AB=CD pattern with 200% target will be implemented.
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