USD/JPY: yen found a dragon

USD/JPY: yen found a dragon

Recommendation:

BUY 111.05

SL 110.6

TP1 111.65

TP2 112.15  

On the daily chart, USD/JPY managed to overcome resistance at 100.52 (23.6% of the long-term descending wave) and quit the uptrend channel. To prove the seriousness of their intentions, bulls need to hold positions.

JPY.png

On H1, USD/JPY keeps forming the reversal “Dragon” pattern. To move up and keep forming the dragon’s head at the level of the dragon’s head (111.6) bulls need to conquer resistance at 110.92 and renew correction low at 111.05.

JPY2.png

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