USD/JPY: the yen plays cat and mouse

USD/JPY: the yen plays cat and mouse

Recommendations:

BUY 107.00

SL 106.45

TP1 107.85 TP2 108

On the daily chart of USD/JPY, after the pair reached the 127.2% target of the “AB=CD” pattern there is a correction to the downtrend. Bulls are trying to implement the “Wolfe waves” pattern and push the pair at least to the resistance at 108 (23.8% from the long-term bearish wave).

usdjpy_d.png

On H1, if the pair hits the resistance at 107, the “AB=CD” pattern with the 161.8% target will be implemented and odds of the rise to targets of “Shark” (113%) and “Wolfe waves” patterns will increase.

usdjpy_60.png

jpy

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