Expanding bullish Ichimoku Cloud with rising Senkou Span A; a newgolden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
USD/JPY: bears showed their weakness
Recommendation: BUY 110,6 SL 110,05 TP1 112,1 TP2 113,8.
On the USD/JPY daily chart, the Bears' failure to move below support at 109.35 (78.6% of the last corrective wave) was a signal of their weakness. To launch a counterattack, the Bulls need to break the resistance at 110.5. Once it is broken, the risks for implementation of the target 88.6% of the Shark inverted pattern will increase substantially.
On the USD/JPY hourly chart, a further direction of the pair will be determined by the Bulls' attempt to return the quotes to the previous consolidation range of 110.35-111.9. If they succeed, the formation of the Shakeout-Fakeout pattern may lead to the continuation of the rally.
Extremely narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...