USD/JPY: yen got to the corridor

USD/JPY: yen got to the corridor

Recommendation:

BUY 112.15 SL 111.6 TP1 113.15 TP2 113.65 TP3 115.65

SELL 109.75 SL 110.3 TP1 108.75 TP2 108.5 TP3 107.85

On the daily chart, USD/JPY is consolidating in the 109.75-112.15 range within the “Spike and ledge”. Bulls are trying to keep the pair above the upper border of the long-term downtrend channel and trigger a “Shark”.

USDJPY D1.png 

On H1, the decline below support levels at 110.70 and 109.15 will make USD/JPY go down to 161.8% of the “Crab”. On the other hand, a break of resistances at 111.75 and 112.15 will open the way up to the targets of “Wolfe waves” and “Shark”.

USDJPY H1.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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