Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
USD/JPY: the USD is weak again
2019-11-11 • Updated
TP1 111.85 TP2 111.6 TP3 109.9
On the daily chart of USD/JPY, a break of the support at 112.85 and an exit from the upward channel may mean an implementation of reversal 1-2-3 and "Three Indians" patterns. At the same time, risks of an implementation of "Shark" and "Crab" patterns with 88.6% and 161.8% targets will increase.
On H1, if the pair reaches the 88.6% target of the "Shark" pattern, risks of the pullback and an implementation of "Three Indians" and "Broadening wedge" patters will increase. A test of the support at 112.85 will be important.
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