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: 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.
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…