The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
USD/JPY: the yen recovers
2019-11-11 • Updated
Recommendation: SELL 112.8 SL 113.35 TP1 112 TP2 110.8 TP3 109.7
On a daily chart of USD/JPY, bulls could not move the pair outside the triangle. It signals their weakness. Bears are planning to implement the combination of the reversal patterns “Three Indians” and 1-2-3. The successful break of the lower border of the upward channel is needed to make it possible.
On H1, bears are testing the support at 112.8. The successful break of the support will activate the Gartley pattern. If the pair manages to reach the target at 78.6%, the risks of the implementation of the “Crab” pattern will increase.
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