USD/JPY: yen crashes obstacles

USD/JPY: yen crashes obstacles

Recommendation:

SELL 107.40 SL 107.95 TP1 106.40 TP2 105.35 TP3 102.80

SELL 108.05 SL 108.60 TP1 107.00 TP2 106.4 TP3 105.35

On the daily chart, USD/JPY bears managed to lead the pair out of the long-term consolidation range of 107.35-115.35. As a result, it triggered AB=CD pattern with targets at 127.2% and 161.8%.

JPY1.png 

On the daily chart, bears are in total control of the pair. In such conditions, pullbacks should be used for selling. The nearest resistance levels are at 107.30-107.45, 107.90-108.05 and 108.40-108.50.

JPY2.png

jpy

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NZD/USD can get even higher

On the daily chart, bulls managed to lead NZD/USD outside of the downtrend channel. They are ready to trigger the “Shark” with 88.6% and 113% targets.

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The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

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