On the daily USD/JPY chart there’s correction to the downtrend. The pair reached resistance at 102.69. A break of this level will open the way up to 103.93 and 104.38, recoil down from the resistance will lead to consolidation in the 100.69-102.69 area.
On H1 USD/JPY reached 224% target of AB=CD pattern. Successful test of the upper border of the 100.83-101.82 range started a correction. The sentiment remains bearish, so sell on the increases to 103.27 (38.2% Fibonacci of the last descending wave), 103.93-104.08 (50%) and 104.89 (61.8%). Increase above 106 increases the risks of change in trend.
USD/JPY, D1
USD/JPY, H1
Origin: FX BAZOOKA
