USD/JPY: bears are strong

USD/JPY: bears are strong

Recommendation:

SELL 111.6

SL 112.15

TP1 110.6 TP2 107.85 TP3 105.64

On the daily chart of USD/JPY, the pair reached targets of the “Three Indians” pattern. Bears are ready to break below the bottom line of the upward channel. If they are able to stick below the support of 111.6 (50% of the downward long-term wave), risks of the sharp decline will increase.

usdjpy_d.png

On H1, a break of the bottom line of the upward channel became a signal of the bearish attack. To success, bears need to resume the pair within the previous consolidation of 110.2-111.6.

usdjpy_60.png

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Latest news

GBP/USD: levels to trade

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.

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