As is the custom, every new month in the financial market often presents long-term, swing trading opportunities for traders like you and me. Even better, FBS is usually there to provide insights into the expected trading opportunities through such analytical pieces as this.
USD/JPY: the yen plays cat and mouse
2019-11-11 • Updated
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).
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.
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