The stock of Cisco formed a doji “shooting star” candlestick on the weekly chart.
USD/JPY: bears prepared an ambush
SELL 109.95 SL 110.5 TP1 108.95 TP2 107.9 TP3 106.95
SELL 108.55 SL 109.1 TP1 107.55 TP2 106.95 TP3 105.95
On the daily chart, USD/JPY keeps correcting to the downtrend with the help of the “Wolfe waves” pattern. The pair is close to convergence area of 109.65-109.95, from where it may reverse. In this place, there’s also a target at 88.6% of the “Shark” pattern.
On H1 of USD/JPY, there’s a “Spike and reversal with acceleration pattern”. As long as the pair’s above the trendline of the initial stage, bulls are in control of the situation. A break of support at 108.55 will trigger a “Shark” pattern.
On D1, the pair formed a bearish “shooting star” candlestick ahead of the resistance line from December high.
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Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
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