USD/JPY: yen has a chance

USD/JPY: yen has a chance

2019-11-11 • Updated

Recommendation:

SELL 108.35 SL 108.90 TP1 107.2 TP2 106.95 TP3 106.05

BUY 109.05 SL 108.5 TP1 109.95 TP2 110.3 TP3 111.15

On the daily chart of USD/JPY, a “Shark” is transforming into 5-0. Pullbacks towards 23.6%, 38.2% and 50% of the wave CD are usually used for opening long positions. A decline below 78.6% and 88.6% signals the resumption of the long-term downtrend.

USD1.png 

On H1, USD/JPY bulls are getting ready to form the reversal pattern “Wolfe waves” and try to resume the short-term uptrend with its help. On the other hand, a break below support at 108.35 will open the way down to the pair.

USD2.png

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