USD/JPY: yen entered a dead area

USD/JPY: yen entered a dead area

Recommendations:

SELL 110.55 SL 111.1 TP1 109.55 TP2 109.1 TP3 108.65

BUY 111.5 SL 110.95 TP1 112.2 TP2 112.85 TP3 114.95

On the daily chart, USD/JPY entered a dead area. Bulls are trying to return the pair inside the previous trade channel and continue the advance towards the 200% target of AB=CD. Bears are trying to hold it within the long-term downtrend channel.

USDJPY1.png 

On H1, USD/JPY keeps forming a “Spike and reversal with acceleration”. A break of the trendline of the initial stage will let bears continue the decline.

USDJPY2.png

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