USD/JPY: bears sweep away all obstacles

USD/JPY: bears sweep away all obstacles

On the USD/JPY daily chart, the quotes moved beyond the consolidation range of 110.2-111.55. The realization of the AB = CD continues. Its target is located at 200% level of the BC wave (107.5). To hit this level, the bears will have to break the support at 108.8. The immediate resistance can be found at 110.2.

On the USD/JPY hourly chart, quotes are moving within the downward trading channel. The bears remain their control over the pair. The AB = CD pattern with 224% target of the BC wave is still relevant. It corresponds to the level of 107.5.

Recommendations: hold shorts (SELL 110,25 SL 110,8 TP1 109,6 TP2 108,8).

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EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.

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