USD/JPY: will the yen catch a “bat”?

USD/JPY: will the yen catch a “bat”?


SELL 106.65

SL 107.2 TP1 105.85

TP2 105.5 TP3 104.85

On the daily chart of USD/JPY, there’s the short-term consolidation in the 106.65-107.45 range. A break of its lower border and return of the pair outside the uptrend channel will increase the risks of downtrend’s resumption. On the other hand, successful advance above resistance at 107.45 will allow bulls to develop a correction.


On H1, there’s a “Spike and ledge” pattern. A break of the lower border of the ledge near 106.65 will trigger the “Bat” pattern with a target at 88.6%.





USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

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