Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen.
USD/JPY: a further downfall is not ruled out
On the USD/JPY daily chart, the bulls failed to push quotes outside the downward trading channel. The 5-0 pattern has been fulfilled. Rollback from the 38.2% level of the CD wave allowed us to open short positions. The update of March lows will increase the risks of continuation of the downward movement towards108.8 and lower.
On the USD/JPY hourly chart, the attack on the important resistance at 111.45 has failed. A successful test of the support at 110.25 will activate the AB = CD pattern with target 109.6.
SELL 110,25 SL 110,8 TP1 109,6 TP2 108,8,
BUY 111,45 SL 110,90 TP 112,85.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising lines.
On the daily chart of USD/JPY, a break of the support at 112.85 and an exit out of the upward channel may mean an implementation of reversal 1-2-3 and "Three Indians" patterns.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...