USD/JPY: yen is in demand

USD/JPY: yen is in demand

Recommendations:

SELL 106.8 SL 107.35 TP1 105.8 TP2 105.35 TP3 103.00

SELL 105.35 SL 105.90 TP1 104.35 TP2 103.35 TP3 103.00

On the daily chart of USD/JPY, there’s a sustainable downtrend. As long as the pair is below 107.9-108.2, bears are in control. A break of support at 105.35 will increase the risks of decline to 161.8% target of AB=CD and convergence area of 102.8-103.2.

USD1.png 

On H1, the inability of bulls to keep the pair above the upper border of the triangle and reach 78.6% of the Gartley pattern is a signal for selling.

USD2.png

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