USD/JPY: yen gains power

USD/JPY: yen gains power

On the daily chart, bears managed to pull the pair below 110.50 (23.6% of the last descending wave) and settled below this level. Sellers retain control of the pair and pull the pair towards 200% target of AB=CD pattern. In order to counterattack, bulls need to return the pair above 110.50.


On H1, the situation looks desperate for buyers. The nearest support levels are close to 109.65, 109.01-109.15 and 108.70. They correspond to 127.2%, 161.8%, 200% and 224% of AB=CD pattern.




Latest news

GBP/USD: confirmed "Thorn" pattern

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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