On the USD/JPY daily chart, the fourth attempt of “bears” to test the support at 112.5 has failed. We wait for the development of consolidation in the range 112.5-115.35.
A further course of events will depend on whether bulls manage to push the quotes beyond the downward trading channel or not.
On the USD/JPY hourly chart, Wolf waves are formed. A return of quotes to the highs of bar №3 will create prerequisites for the opening of the long positions with the target in the convergence zone located at 114.4-114.5.
Recommendation: BUY 113.4 SL 112.85 TP1 114.4 TP2 115.4.
Origin: FX BAZOOKA
