What to trade on May 9-13?
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
USD/JPY: the greenback is weaker
2019-11-11 • Updated
Recommendation:
SELL 110.95 SL 111.5 TP1 109.95 TP2 106.9 TP3 105.6,
SELL 111.45 SL 112 TP1 110.45 TP2 109.95 TP3 107.85
On the daily chart of USD/JPY, bears managed to reverse the uptrend due to the implementation of the "Three Indians" and "Spike and Ledge" patterns' combination. They have reached the 161.8% target of the "Crab" pattern and plan to implement the "Shark" pattern with the 88.6% target.
On H1, the implementation of the "Crab" pattern with the 161.8% target continues. The market is bearish, so the reversals towards the resistances at 110.95 and 111.45 may be used to open short positions.
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