Currency analyst

USD/JPY: bears slowed down at the double bottom

On the USD/JPY daily chart the double bottom has been formed near the level of 100,35 (it's a Fibonacci ratio of 61,8% of the last upward wave). If the bears in the near future are able to storm this support, the risks of quotes existing from the downward long-term channel will rise.  

On the hourly chart of USD/JPY the rebound from the level of 50% of CD-wave pattern "Shark" activated the 5-0 pattern. Subsequent breach of the support at 101.3, is usually considered to be a trade signal. Graphical configuration will be canceled if quotes rise above $ 103.66 (78.6%).

Recommendation: SELL 101,3 TP 100 SL 101,9

Scroll to top