Currency analyst

USD/jPY: bulls backed off

On the daily chart the break of resistance at 100.83 made the pair go to the upper border of the previous consolidation range of 100.8-102.7. If the sellers manage to keep the pair below yesterday's high, pin bar after the 80-20 model will increase the risks of the bearish counterattack. On the contrary, if the pair renews yesterday's highs, the bulls will continue correction towards the upper border of the long-term descending channel.

On H1 USD/JPY emerged from the triangle and this let the bulls to reach 88.6% target of the Bat pattern. After that the pair formed descending triangle. Successful test of its lower border will increase risks of a pullback towards 101.3. On the other hand, if the pair rises above its upper border and then reaches с  102.4 high, it will mean that the rally continues.


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