Currency analyst

USD/JPY: bulls are going to have a break

On the USD/JPY daily chart, there is a consolidation in the range of 103,5-104,5 (the levels 38,2-50% of XA wave). Breakout of its upper boundary will increase the probability of achieving the target 78.6% for the Gartley pattern (105.9). On the contrary, a successful test of the support line will increase the risks of correction in the direction of 102.5.

On the USD/JPY hourly chart, if "bulls" fail to breakout the resistance line at 104.55, we will be warned of their weakness. Breakout of the lower boundary of the upward trade channel and realisation of the "Head and shoulders" pattern will cause quotes to fall towards the 102.5 - 102.7 area.

Recommendations: we should lock in profits on long positions,

BUY 104,55 SL 104 TP 105,5, SELL 103,6 SL 104,15 TP 102,5. 

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