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Currency analyst

USD/JPY: bears gather strenght for attack

On the USD/JPY daily chart the "bull" failure to break through the upper limit of the long-term downtrend trade channel and the level of 23.6% Fibonacci from the wave XA (103,18) shows us their weakness. Successful test of the 101.3 support line will create prerequisites for the further movement of the peak towards 100-100,7 (Target 88.6% on the pattern of the Bat).

On the USD/JPY hourly chart successful test of the 101.3 support activates pattern "Shark." Its target at 161.8% corresponds to the 100.1 level. The nearest significant resistance lies near the 102.85 level.

Recommendation: SELL 101,3 TP100,1 SL 101,95. 

JPY
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