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FxWirePro: USD/JPY Trade idea

Wednesday, March 15, 2017 12:04 PM UTC

Potential Pattern – Bullish AB=CD Pattern

USD/JPY potential Bullish AB=CD pattern will complete at 114.30 level. The pair has formed a minor top around 115.50 and declined mildly from that level. It is currently trading around 114.65.
On the higher side, any break above 115.50 will take the pair till 115.95/116.12/116.70 (127% retracement of 115.62 and 111.59).
The near term support is around 114.30 and any break below will drag the pair till 113.85/113.55 (Mar 6th 2017 low).

It is good to buy on dips around 114.30 with SL around 113.55 for the TP of 115.95/ 116.10

Resistance

R1-115

R2 -115.50

R3- 115.95

Support

S1-114.30

S2-113.85

S3- 113.50

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FxWirePro: USD/JPY Trade idea

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