GBP/JPY has been moving up since the start of January. The pair broke out of a bullish flag and reached new highs in the 145.00 area.
How about trading oil?
SELL at 60.50; TP1 59.20; TP2 58.40; SL 61.00.
The oil market is awaiting news from the OPEC meeting, and traders should expect an increase in volatility and sharp moves of the price.
The technical setup looks interesting. On W1, Brent met the resistance of 100-week MA in the 63.50 area. There’s also a Fibo level at 64.00 and the Ichimoku Cloud that weighs on the price. The odds are that oil will be tempted to close the gap.
On D1, moving averages are in the negative order and there are several candlesticks with big upper wicks. The price started correcting up, but the recovery looks unstable. A decline below 60.50 will be a trigger for selling. The positive scenario is possible only if oil rises above 63.10.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…