On the USD/JPY daily chart, the breakout of the lower boundary of the rising trade channel led to the collapse of prices.”Shark” pattern has been activated.
Its target 88.6% is located near 100.6. For the implementation of this target, quotes should go through two convergence zones: 102,55-100,8 and 101,2-101,4.
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On the USD/JPY hourly chart, quotes went below the target 113% of the “Shark” pattern. If the “bulls” break the resistance at 103, there will be the formation of the 5-0 pattern. In the future, a retreat from the 50% and 61.8% levels formed from the CD wave should be used to open short positions in accordance with the 5-0 pattern and the expanding wedge.
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REcommendation: BUY 103, SL 102,45 TP 104,05.
Origin: FX BAZOOKA
