EUR/GBP can’t leave the consolidation range of 0.87-0.9020. It was formed in line with the “Spike and ledge” pattern.
EUR/JPY: euro is caught in consolidation
SELL 127.1 SL 127.65 TP1 126.55 TP2 126.1 TP3 123.5
BUY 128.5 SL 127.95 TP1 129.05 TP2 120.1 TP3 131.6
On the daily chart, EUR/JPY is consolidating in the 126.55-128.9 range within the “Spike and ledge” pattern. A break of its upper border will increase the odds of a “Shark” pattern. On the other hand, a successful test of a support at 126.55 will open the way down for bears.
On H1, EUR/JPY keeps forming “Wolfe waves” and the “Double top”, A successful test of support at 127.1 will allow bears to continue the way down. On the other hand, a rise above the upper border of the downtrend will give control to bulls.
On the daily chart, bears are in control. They are still hoping to push the pair to 200% target of AB=CD.
Bearish Ichimoku Cloud with falling Senkou Span B; a cancelled golden cross of Tenkan-sen and Kijun-sen.
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.
GBP/JPY broke support level 141…
Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895…