USD/JPY: bears are preparing a counterattack

USD/JPY: bears are preparing a counterattack

Recommendations:

SELL 108.95

SL 109.5

TP1 107.95 TP2 107.35 TP3 107.15

On the daily chart of USD/JPY, there are high risks of the reversal of the short-term upward movement as the pair reached the 88.6% target of the “AB=CD” pattern and the doji bar was implemented in the 109.63-109.93 convergence. To continue the rally, bulls need to break the May high.

usdjpy_d.png

On H1, the “Spike and reversal with acceleration” pattern is continuing to implement. Breaks of supports at 109.50 and 108.95 will increase risks of the decline to the 88.6% target of the “Shark” pattern.

usdjpy_60.png

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USD/CAD: the fights around 1.28

A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD.

cad
Gold is moving in channels

Recommendation: SELL 1311 SL 1326 TP1 1281 TP2 1272 TP3 1250 SELL 1280 SL 1295 TP1 1250 TP2 1244 On the daily chart of USD/XAU, bulls have to break resistance at 1302…

USD/JPY: the Dollar reached 111.50

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are reached the main daily resistance on 111.50 and the market is overbought now.

jpy

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