USD/JPY: the yen weakens

USD/JPY: the yen weakens

2019-11-11 • Updated


BUY 113.8 SL 113.25 TP1 114.4 TP2 114.8 TP3 115.65

On the daily chart of USD/JPY, the triangle and "Spike and Ledge" patterns based on 1-2-3 one are implemented. If the lower border of the consolidation range between 112.25 and 114 ("ledge") is broken, the risks of the fall to the targets of the "Three Indians" pattern and the "Shark" pattern (88.6%) will increase. Otherwise, the successful test of the resistance at 114 will move the pair further up. 


On H1, the implementation of the "Wolfe Waves" pattern continues. Bulls need to test the diagonal resistance(a line between the 2 and 4 marks) to reach the target near the 114.4 level of the pattern mentioned above. 



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