Daily Market Analysis

There’s a diagonal tringle in wave c of (ii), which led to form a wedge in wave i of (iii).

The main trend is still bearish. Also, there’s a “Three Methods” pattern, which hasn’t been confirmed yet.

The 34 Moving Average and the upper “Window” have acted as a resistance.

The price faced a support at 1.2506, so there’s a consolidation, which is taking place on the four-hours chart.

The main trend is still bearish. The price faced a support at 1.0600, so there’s a developing upward correction.

As we can see on the one-hour chart, there’s a diagonal triangle in wave c of (ii).

USD/JPY reached sell target 109…

EUR/JPY reached sell target 116…

We’ve got a “Shooting Star”, which has been confirmed enough. Therefore, the price is likely going to test the closest “Window”.

The lower side of the nearest “Window” acted as a resistance, so there’s a “High Wave” pattern.

There’s a “Double Top”, so the price reached the 34 Moving Average. Therefore, bears are likely going to reach a support at 1.2477 – 1.2469.

The main trend is still bearish. There’s a “Double Top” pattern, so the price is still under the Moving Averages.