USD/JPY: bears are strong
Read the article on FBS website
Recommendation:
SELL 111.6
SL 112.15
TP1 110.6 TP2 107.85 TP3 105.64
On the daily chart of USD/JPY, the pair reached targets of the “Three Indians” pattern. Bears are ready to break below the bottom line of the upward channel. If they are able to stick below the support of 111.6 (50% of the downward long-term wave), risks of the sharp decline will increase.
On H1, a break of the bottom line of the upward channel became a signal of the bearish attack. To success, bears need to resume the pair within the previous consolidation of 110.2-111.6.
