USD/JPY: yen wants to come back

On the daily chart, USD/JPY bulls are trying to return the pair inside the triangle. If they manage to do it, successful test of resistance at 110.52 will strengthen the risks of correction towards the upper border of the downtrend channel. On the other hand, if bulls fail, bears will be able to keep pulling the pair down to 108 and then 104 (161.8% target of AB=CD).

On H1, the pair left the descending trend channel and is now testing resistance at 109.62. A successful test will strengthen the odds of 88.6% target of “Shark” pattern.

Ivan Karamazov

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