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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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