USD/JPY: yen is preparing a wedge

USD/JPY: yen is preparing a wedge

2019-11-11 • Updated

Recommendation: SELL 109.8 SL 110.35 TP1 108.8 TP2 108 TP3 107.2

On the daily chart of USD/JPY, the inability of bulls to conquer resistance at 111 points at their weakness. Bears have the initiative now. Sellers want to test the lower border of the uptrend channel and support at 109.8. If they succeed, the risks of a “bat” pattern will increase.

USDJPY1.png  

On H1 of USD/JPY, bears have a chance to trigger the “Widening wedge” pattern. To do that, they will need to pull the pair below the lower border of an uptrend channel and move it closer to support at 109.40. 

USDJPY2.png

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