USD/JPY: yen is moving through channels

USD/JPY: yen is moving through channels

Recommendations:

SELL 108.5 SL 109.05 TP 106.4

BUY 109.75 SL 109.2 TP 112.1

On the daily chart, USD/JPY bulls are trying to leave the short-term descending channel. If they fail and bears manage to renew August low and conquer support at 108.03, risks of decline towards 127.2% and 161.8% targets of the AB=CD pattern will increase.

JPY1.png 

On H1, USD/JPY formed a “Widening wedge". The return of the pair to 38.2% and 23.6% of the wave 4-5 may be used for buying. On the other hand, another test of support at 108.54 can be used for selling.

JPY2.png

jpy

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