On the USD/JPY daily chart, the pair fell sharply from the 103 level. As a result, the “Head and shoulders” pattern has been formed. Update of the current bar’s low can lead to the further downfall towards 100.5.
There is target 88.6% in the “Shark” pattern. In contrast, if quotes go above 102.8, the “bulls” will continue to fight for the lead.
On the USD/JPY hourly chart, the expanding wedge, and AB = CD patterns have been formed. Rollback from the 88,6% of the CD red wave was a signal for sales. At present, the resistance should be sought in the 102,6-103 range. Support is located near the 100.75 mark.
Origin: FX BAZOOKA
