USD/JPY: should we sell the pair?

USD/JPY: should we sell the pair?

2019-11-11 • Updated

Recommendation:

SELL 113.1

SL 113.65

TP1 112.1 TP2 111.6 TP2 110.2

On the daily chart of USD/JPY, bears failed to break below the bottom line of the upward channel within the implementation of the “Three Indians” pattern. If only they will break below 111.6, the pair will move to the 88.6% target of the “Shark” pattern.

usdjpy_d.png

On H1, bears couldn’t resume the pair to the previous 110.2-111.6 consolidation, it signaled their weakness. A rebound from the 88.6% target of the “Shark” pattern will let to form shorts.

usdjpy_60.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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