On the USD/JPY daily chart, there is a consolidation within the mid-term upward trend. The nearest resistance level is located at the 112.5 level.
A successful test of this resistance will allow quotes to return to the previous trading range located at 112.5-114.
The support can be found near the 111.15 mark (38.2% level of the last upward medium term wave).
On the USD/JPY hourly chart, there is a formation of Wolf waves. A breakout of the diagonal resistance at 112.45 will allow opening long positions in direction of 114.55. There is a 161.8% target in the “Crab” inverted pattern.
Recommendation: BUY 112,45 SL 111,90 TP1 113,35 TP2 114,55.
Origin: FX BAZOOKA
