USD/JPY: yen is making a choice

USD/JPY: yen is making a choice

2019-11-11 • Updated

Recommendation:

BUY 113.65

SL 113.10

TP1 114.65 TP2 115.3 TP3 116.2

On the daily chart, the inability of bulls to hold the pair above important support at 112.95-113 will point at their weakness. On the other hand, successful test of resistance at 113.70 will increase the odds of advance to 113% of the senior “Shark” pattern.

JPY1.png  

On H1, USD/JPY keeps forming a 5-0 pattern. A break of resistance at 113.65 will create grounds for the continuation of the rally. A decline below the diagonal support will increase the risks of triggering “Head and Shoulders” pattern.

JPY2.png

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