It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
USD/JPY: bears prepared a trap
Recommendation: SELL 111.75 SL 112.3 TP1 110.75 TP2 109.8 TP3 108.8
On the daily chart of USD/JPY, bears are still hoping on the formation of the “Bat” in case of a break below the lower border of the uptrend channel. Bulls aim for resistance at 110.95, getting out of the long-term descending channel and getting to 200% target of AB=CD.
On H1, USD/JPY can reach targets of the “Three moves” pattern. Then the pair may form a “Widening wedge”. Resistance at 111.75 corresponds to the upper border of the daily channel.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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