USD/JPY Forecast: yen lost its way in broad daylight

jy-l2On the USD/JPY daily chart, there is a consolidation within an uptrend.

An update of the December high will allow prices to continue their rally towards 119.

Alternatively, a successful test of the correction minimum at 112.85 can lead to the rollbacks towards 111.35.

On the USD/JPY hourly chart, AB = CD patterns indicate near-term targets of the uptrend. They are located at 116.9 and 117.15. A return of quotes in the borders of rising trading channel followed by the test of the resistance at 114.75 will be a signal for opening long positions.

Recommendations:

BUY 114,75 SL 114,2 TP 116,9,

BUY 113,15 SL 113,7 TP1 112 TP2 111,35.

Origin: FX BAZOOKA

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