EUR/JPY: bears want to develop correction

EUR/JPY: bears want to develop correction

Recommendation: BUY 124,9 SL 1,2435 TP 127,9. 

On the EUR/JPY daily chart,  bears launched a counterattack willing to develop correction and push quotes beyond the upward trading channel. As a result, the Double-Top pattern was formed. To restore the uptrend, buyers need to test the resistance at 125.75.

On the EUR/JPY hourly chart, there is a consolidation in the range of 124.15-124.5. A breakout of its lower border can result in the development of the correction towards 122.85  (88.6% target in the Shark pattern). A successful test of the resistance at 124.9 can lead to the uptrend restoration.


USD/JPY: Dollar will continue downtrend

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak goldean cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are on the weak Kijun’s support.

AUD/USD: aussie under strong resistance

Bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; a market is overbought and under the strong resistance of 0.8030.

USD/JPY: Dollar in correction to Cloud

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel Tenkan-Kijun; the market is in correction phase.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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