USD / JPY: the end of correction and the beginning of growth
Support and resistance
Despite the consolidation of the downward trend, it is expected that additional USD growth and renewal of local highs in the long run. The pair has reached the lower edge of the channel downwards, which may reflect the inversion and the formation of the wave upward to the level of 115.50. The couple can reach the upper border of the channel and move to the level of 120.00, 120.50.
Support levels: 114.00, 113.60, 113.15, 112.50, 112.30, 111.90.
Resistance levels: 114.80, 115.50, 116.10, 116.50, 117.00, 118.00, 119.00, 119.35, 120.05.
Negotiation scenario
Open long positions of the lower border of the downstream channel with a brief stop at the loss of 113.20. In the case of the growth of the pair up to the upper edge of the channel transform the loss of the stop to an equilibrium zone and wait for the target levels of 119.00, 120.05.
Recommendation BUY
Entry point 113.60
Take profits 115.50, 119.00, 120.05
Stop the loss of 113.20
Key levels 111.90, 112.50, 113.15, 113.60, 114.00, 114.80, 115.50, 116.10, 116.50, 117.00, 118.00, 119.00, 119.35, 120.05
Despite the consolidation of the downward trend, it is expected that additional USD growth and renewal of local highs in the long run. The pair has reached the lower edge of the channel downwards, which may reflect the inversion and the formation of the wave upward to the level of 115.50. The couple can reach the upper border of the channel and move to the level of 120.00, 120.50.
Support levels: 114.00, 113.60, 113.15, 112.50, 112.30, 111.90.
Resistance levels: 114.80, 115.50, 116.10, 116.50, 117.00, 118.00, 119.00, 119.35, 120.05.
Negotiation scenario
Open long positions of the lower border of the downstream channel with a brief stop at the loss of 113.20. In the case of the growth of the pair up to the upper edge of the channel transform the loss of the stop to an equilibrium zone and wait for the target levels of 119.00, 120.05.
Recommendation BUY
Entry point 113.60
Take profits 115.50, 119.00, 120.05
Stop the loss of 113.20
Key levels 111.90, 112.50, 113.15, 113.60, 114.00, 114.80, 115.50, 116.10, 116.50, 117.00, 118.00, 119.00, 119.35, 120.05
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