Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
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).
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines.
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