On the daily USD/JPY chart, 88.6% target of the “Bat” pattern and 23.6% Fibo of the last long-term bullish wave managed to stop the bears for a while. To develop correction they need to pull the prices below convergence area of 113.60-114.00.
On the other hand, successful test of yesterday’s pin bar high (115.55) will increase the risks of uptrend resumption.
On H1, USD/JPY keeps forming Wolfe waves. The pair’s return to the bar’s high, marked by point 3, will be a signal for opening long positions. Use 78.6% and 88.6% correction levels of the wave 2-5 as targets.
Recommendation: BUY 115,55 SL 115 TP1 117,77 TP2 118,05.
Origin: FX BAZOOKA
