Currency analyst

USD/JPY: the bulls want more

On the daily USD/JPY chart the bulls are getting ready to seize the upper border of the downtrend channel. If they succeed, the odds of the bullish reversal will increase. The buyers' attack is aimed at 127.2% of the Crab pattern target. Close to it there's 38.2% Fibo of the last descending wave. As a result, we may see the convergence area of 108.5/109.00. The closest support is at 104.87.

On H1 USD/JPY correction to 104.83 (23.6% Fibo of the latest bullish wave), 104.4 (target at 78.6% of the Gartley pattern) and 103.9 (38.2% Fibo) should be used to open long positions.

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