GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
EUR/JPY: yen is hunting a “Bat”
TP1 127.7 TP2 127.2 TP3 126.2
On the daily chart of EUR/JPY, bears pulled the pair below an important support at 128.85 (38.2% of the long-term rising wave) and are trying to return it to the descending channel. If they succeed, the pair will likely go to 88.6% of the “Bat”.
On H1, EUR/JPY keeps forming a “Bat” with the 88.6% target. If it falls below support at 128.5, bears will count on triggering the AB=CD pattern.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.