Currency analyst

USD/JPY: yen is resuming the trend

On the daily USD/JPY chart recoil from the upper border of the long-term downtrend and the following decline of the price means that the bearish trend has resumed. It's target is at 100.8 (224% according to AB=CD). The nearest resistance is near 104.4 (23.6% Fibonacci of the last long-term descending wave).

On H1 the bears test the lower border of the descending short-term channel. Success will confirm the activation of AB=CD pattern. Its targets are at 102.4 (161.8%), 101.4 (200%) and 100.8 (224%). On the contrary, in case of failure, the pair will recover to the lower border of the channel (105.45).  


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