Currency analyst

USD/JPY: bulls put in a counterattack

On the daily USD/JPY chart support is at 99.94 (88.6% Fibo of the last bullish wave) managed to hold the bears. The bulls try to seize the initiative, and if they manage to test resistance at 100.83, risks of correction towards the upper border of the previous consolidation range at 100.8-102.7 will increase.  

On H1 USD/JPY after reaching target at 200% of AB=CD,recoiled and is now testing resistance at 100.83. Success and further increase to 101.15 will set off the "Bat" pattern target at 102.


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