On the USD/JPY daily chart, “bull” showed weakness having failed to consolidate above the previously reached high. As a result counterattack, “bearish” pin bar has been formed.
Breakout of the support line at the minimum of the pin-bar (at 104.06) will tell us about the continuation of correction. There could be a restoration of the upward trend if quotes move above the $ 104.9 level.
On the USD hourly chart, break of the lower border of the upward trading channel will increase the risks of formation of a wave from 4-5 expanding wedge pattern. If quotes return to the support line at 103.15, the “bears” will have a chance to continue the correction in the direction of the 102 mark.
Recommedations: shift SL on shorts to the 104,55 mark (breakeven point),
SELL 104,05 SL 104,6 TP1 103,15 TP2 102
Origin: FX BAZOOKA
