USD/JPY: yen met 3 Indians

USD/JPY: yen met 3 Indians

Recommendation:

BUY 109.8

SL 109.25

TP1 110.8 TP2 112

On the daily chart, another attempt of bulls to return inside the triangle was unsuccessful. In order to have another chance, buyers need to keep the pair inside the medium-term channel between 108.50 and 114.50. A successful test of its lower border will open the way down to 161.8% target of the AB=CD pattern.

JPY1.png 

On USD/JPY there's consolidation within the inverted “Spike and ledge” pattern on the basis of 1-2-3. Together with “Three Indians” it’s a serious reversal pattern.

JPY2.png

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USD/JPY: dollar will continue downtrend

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market corrected to Kijun-sen and ready to continue existing downtrend.

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