Technical Talk:USD/JPY 02-04-219

USD/JPY Completing Bullish ABC Zigzag Pattern at 112?
Our preference: long positions above 111.15 with targets at 111.55 & 111.75 in extension.Alternative scenario: below 111.15 look for further downside with 110.85 & 110.60 as targets.

Comment:
The USD/JPY is approaching a key resistance trend line (red) and 78.6% Fibonacci retracement level of wave X vs W (pink).
A bearish bounce would confirm the potential end of the ABC (purple) zigzag pattern.

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