Trade idea for USD/CAD
On the daily chart, bulls are trying to return USD/CAD inside the long-term uptrend channel.
USD/JPY: a reversal is close
Recommendation:
SELL 110.85 SL 111.4 TP1 109.85 TP2 109 TP3 108.55
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation. At the same time, the closeness of convergence area of 110.85-111.15 (61.8% of the last medium-term descending wave + 113% target of the “Shark”) increases the risk of bears’ counterattack.
On H1, the fact that USD/JPY is renewing May high will allow it to 161.8% and 200% targets of AB=CD and increase the odds of the reversal “Three Indians” pattern.
Ivan Karamazov
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Expanding bullish Ichimoku Cloud with rising Senkou Span B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines.
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