USD/JPY: yen is fighting for the initiative

USD/JPY: yen is fighting for the initiative

Recommendation:

SELL 107.15

SL 107.70

TP1 106.60 TP2 105.35 TP2 103.20

On the daily chart, USD/JPY bulls managed to return the pair to the previous long-term consolidation range of 107.35-115.50. Father fate of the yen will depend on the results of the fight for 107.35. The necessary condition for the downtrend’s resumption is the pair’s decline below support at 106.60.

JPY1.png 

On H1, USD/JPY formed several inside bars. This points at the uncertainty.  To continue the decline bears have to keep the pair out of uptrend channel.  

JPY2.png

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