USD/JPY: yen is in the limbo

USD/JPY: yen is in the limbo

Recommendation:

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.   

JPY1.png 

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.

JPY2.png

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