USD/CAD is another pair that has the potential to make significant moves in the near term.
EUR/JPY: bulls are going to attack
On the EUR/JPY daily chart, there is a transformation of the inverted "Shark" pattern into 5-0. The return of quotes to the level of 121.8 (23.6% of the CD wave) will increase the risks of recovery of the uptrend. In contrast, a successful test of the support at 120.65 can lead to the development of correction towards 120.5 and 119.95 levels.
On the EUR/JPY hourly chart, 121.4 is the immediate resistance level. Its breakout will activate the inverted "Shark" pattern with the target of 122.45. A more secure entry point to BUY is the area of the upper boundary of the downward trading channel.
Recommendation: BUY 122,8 SL 122,25 TP 123,8.
Last week USD/CHF broke below the uptrend support line of 2018.
CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.