USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
A possible drop for USD/JPY
Recommendation: SELL 112.6
TP1 111.95 TP2 111.5 TP3 111.05
On the daily chart of USD/JPY, there is a battle between bulls and bears to reach an important level at 88.6% of XC wave of the “Shark” pattern. If bulls win, they will continue to follow targets at 113% and 161.8% on the “Shark” and AB=CD patterns. If bears strike back, the price will return to 112.5 and 111.9.
On H1 chart for USD/JPY, bears managed to move the price from the rising channel. If it continues to decline, it will activate the “Shark” pattern and move the pair towards its target at 88.6%.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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