USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/JPY: inside bar will show the way
Recommendation: SELL 127.1 SL 127.65 TP1 126.1 TP2 125.5
On the daily chart, EUR/JPY bulls are counting on the break of the upper border of the descending trend channel and advance to 88.6% target of the “Shark” pattern. Bears want to return the pair to the lower border of an inside bar near 127.10 and trigger AB=CD pattern with a target of 161.8%.
On H1 of EUR/JPY, a successful test of support at 127.1 will increase the odds of the pair getting to 88.6% target of a “Double top”. The nearest resistance levels are near 129.05 и 129.4.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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