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Currency analyst

USD/JPY: bears admit their defeat

On the USD/JPY daily chart, "bears" continue to dominate the market and fullfil the target we defined for them earlier  (see here). A breakout of resistance line at 104.45 (61.8% Fibonacci retracement level of the wave XA) may activate the target 78.6% of the Gartley pattern. Support should be sought near the 103.45 mark.

On the USD/JPY hourly chart, there is a steady upward trend. Traders should buy the dollar against the yen when pullbacks to the support line at 103.8 (88.6% Fibonacci retracement level of the last downward wave) occur. AB = CD pattern helps to identify the targets of the northward rally. They are located near the markers 104.55 (126.2%), 105.05 (161.8%) and 105.9 (224%).

Recommendations: hold longs, BUY 103,8 SL 103,25 TP1 105,05 TP2 105,9. 

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