USD/JPY: the yen needs a trend

USD/JPY: the yen needs a trend

Recommendations:

SELL 106.9 SL 107.45 TP1 105.9 TP2 104.9 TP3 103.9

SELL 108.3 SL 108.85 TP1 107.3 TP2 106.95 TP3 105.9

On the daily chart of USD/JPY, the correction to the downtrend is continuing.  Bulls are trying to pull the pair to targets of “Wolfe waves” and “Shark” patterns and reach the 108.2-108.45 convergence. However, the possibility of the pullback is low.

usdjpy_d.png

On H1, a formation of “Three Indians” and “1-2-3” patterns is the first sign of the turn.  The break of the support at 106.9 will lead to a slowdown of the correction’s movement and will increase risks of the long-term downtrend’s resumption.

usdjpy_60.png

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