GBP/JPY has been moving up since the start of January. The pair broke out of a bullish flag and reached new highs in the 145.00 area.
EUR/JPY: bears pull the EUR down
SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 123.1
On the daily chart of EUR/JPY, there are implementations of the "Broadening wedge" and "Shark" patterns (88.6% target). Bears need to break the supports at 126.55 and 125.74 (78.6% and 88.6% from the 4-5 wave) to restore the middle-term downtrend.
On H1, bears managed to pull the pair towards the lower border of the consolidation range between 127.55 and 130.1, which was formed as a part of the "Spike and ledge" pattern's implementation. If the support at 127.55 is broken, it will increase the risks of the implementation of the AB=CD pattern's 200% target.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...