USD/JPY: the yen liked the “Shark”

USD/JPY: the yen liked the “Shark”

Recommendation:

SELL 112.2

SL 112.75

TP1 111.35 TP2 111

On the daily chart of USD/JPY, there is the rally to 200% target of the AB=CD pattern. To continue the upward movement, bulls need to break the resistance at 113.3 (61.8% from the last long-term downward wave).

usdjpy_d.png

On H1, there is the “Spike and reversal with acceleration” pattern. After bears broke the trendline of the acceleration stage, they aim to break the support at 112.2. If they succeed, they will be able to implement the «Shark” pattern with 88.6% target.

usdjpy_60.png

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On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

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