USD/JPY: yen is in the limbo

USD/JPY: yen is in the limbo


SELL 108.30 SL 108.85 TP 107.3 TP2 106.3 TP3 105.3

BUY 110.25 SL 109.7 TP 111.25 TP2 111.6 TP3 111.8

On the daily chart, USD/JPY formed an Inside bar. To continue the decline, bears need to pull the pair below support at 108.90 and 108.30. On the other hand, a break of resistance at 109.9-110.15 with the following triggering of the “Bat” pattern will increase the risks of a pullback.   


On H1, USD/JPY went outside of a triangle. This increases the odds of formation of the “Crab” pattern with the target at 161.8%. The condition needed to resume the downtrend is the decline below support at 108.90.




USD/JPY: the Bulls don’t want to give up

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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