USD/JPY: the USD is weak

USD/JPY: the USD is weak

Recommendations:

SELL 112.7 SL 113.35 TP1 111.7 TP2 110.7 TP3 109.9

SELL 111.6 SL 112.15 TP1 110.7 TP2 109.9 TP3 107.85

On the daily chart of USD/JPY, bulls couldn’t break the resistance at 113.25 that signals their weakness. If the pair leaves the upward channel and will break the support at 111.6, 1-2-3 and AB=CD patterns will be implemented.

usdjpy_d.png

On H1, a successful break of the support at 111.5-111.6 will pull the pair to targets of the “Broadening wedge” pattern. Traders may sell at the break of the 112.7 level.

usdjpy_60.png

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