USD/JPY: yen is hunting for crabs

USD/JPY: yen is hunting for crabs

Recommendations:

BUY 111.45 SL 110.90 TP1 112.45 TP2 112.85 TP3 112.95

SELL 110.15 SL 110.7 TP1 109.15 TP2 108.15 TP3 107.15

On the daily chart, bears are trying to keep USD/JPY inside the long-term downtrend channel. If they succeed, the odds of the pair going to 88.6% and 161.8% targets of the “Bat” and AB=CD will increase.

USDJPY daily.png 

On H1, a break of resistance at 111.45 will allow buyers to counting on formation of the junior “Crab” and “Wolfe waves”. On the other hand, a decline below support at 110.15 will open the way down to 161.8% target of the senior “Crab”. 

USDJPY h1.png

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