USD/JPY: yen is taking the lead

USD/JPY: yen is taking the lead

Recommendation:

SELL 109.8

SL 110.35

TP1 108.8 TP2 108 TP3 107.8

On the daily chart of USD/JPY, bulls made an attempt to bring the pair to May high in order to trigger AB=CD with a target at 200%. It ended with a pin bar. A break of its low will allow bears to counterattack counting on the formation of the “Bat” pattern.

JPY1.png 

On H1 of USD/JPY, a break of the lower border of the uptrend channel will increase the risks of triggering the “Shark” and the “Head and Shoulders” pattern. It signals a pullback to the short-term uptrend.

JPY2.png

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