USD/JPY: yen’s in the shark’s lair

USD/JPY: yen’s in the shark’s lair

Recommendation:

BUY 112.35

SL 111.75

TP1 113 TP2 113.25

TP3 113.9

On the daily chart, USD/JPY bulls managed to lead the pair outside of the long-term downtrend channel and settle above resistance at 111.65. A successful test of resistance at 113 will return buyers the hope for going to 113% target of the senior “Shark” pattern.

JPY1.png 

On H1, there’s a great possibility of a volatile trading. After a break of the upper border of the downtrend channel and reaching 113% target of the junior “Shark” pattern, there may be a pullback and a retest of the diagonal support.

JPY2.png

jpy

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