EUR/JPY: bulls make a trap

EUR/JPY: bulls make a trap


BUY 130.1

SL 129.55

TP1 131.1 TP2 132.1 TP3 133.45

On the daily chart of EUR/JPY, the pair keeps going up to 127.2% and 88.6% targets of “Perfect butterfly” and “Shark” patterns. To encourage the rally, the pair needs to break the resistance at 132.6 (61.8% from the last medium-term downward wave).


On H1, there is the “Spike and reversal with acceleration” pattern.  Bears try to counterattack and implement the “Shark” pattern. The rebound from the support near the 88.6% target will be a signal to buy.  



USD/CAD: sellers lost the initiative

On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

AUD/USD fell from the ledge

Bears managed to pull AUD/USD below the lower consolidation range of 0.732-0.7470 (a ledge) within the “Spike and ledge” pattern.


EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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