On the USD/JPY daily chart, a double bottom has been formed. The bears’ attack was stopped and revealed the important support located at 112.5.
A successful test of this support will lead to the continuation of the corrective movement towards 111.15 and 108.8. On the other hand, a breakout of the resistance at 114.05 will allow the bulls to take a rest.
On the USD/JPY hourly chart, buyers are going to test the resistance at 114. If they succeed “Shark” inverted pattern with 88.6% and 113% targets will be activated. A necessary condition for this to happen is the need to go beyond the upper boundary of the downward trading channel.
BUY 114,05 SL 113,5 TP1 115,1 TP2 115,65.
Origin: FX BAZOOKA
