Forex

USD/JPY Bullish Bounce Possible Due to Emerging Bullish Pattern

October 19, 2018

2 min read

tarantula fx

Head of Trading

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USD/JPY Bullish Bounce Possible Due to Emerging Bullish Pattern

Hi traders,

The USD/JPY has been stuck in a range. Yesterday’s drop was cause by a stop triggering below 112.40. Similar thing happened with equity markets but the drop was all later erased.

The USD/JPY erased its losses during the Asian session and formed an emerging bullish pattern. Inverted head and shoulders formed after double bottom-ish price at W L1 camarilla pivot. A close above 112.80 will imply new bullish wave towards 113.37. Only a break and close below 111.63 will provide bears with additional momentum and strength.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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