USD/JPY: sharks are chasing the yen

USD/JPY: sharks are chasing the yen

Recommendation:

BUY 112.5 SL 111.95 TP1 113.5 TP2 114.3 TP3 115.3

BUY 114.25 SL 113.7 TP1 115.3

On the daily chart, USD/JPY reached 88.6% target of the «Shark” pattern. As a result, the risks of correction towards 23.6%, 38.2% and 50% of the wave CD in line with the transformation of the “Shark” into 5-0 have increased. The trend remains bullish, so use the pullbacks for buying.

jpy1.png 

On H1, USD/JPY is forming “Three Indians” pattern. A break of the lower border of the uptrend channel will trigger the “Shark” and the “Widening wedge” patterns and increase the odds of correction towards 112.50.

jpy2.png

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