USD/JPY: bears want more

USD/JPY: bears want more

Recommendation:

SELL 105.35

SL 105.90

TP1 104.35 TP2 103.35 TP3 102.80

On the daily chart, the inability of bulls USD/JPY to bring the pair outside of the downtrend channel and keep them above 106.50 points at their weakness. To continue the decline towards 161.8% target of AB=CD, bears need a confident test of support at 105.35.

 JPY1.png

On H1, the transformation of the “Shark” into 5-0 allowed forming short positions. Triggering of AB=CD will allow bears to continue the decline towards 161.8%.

JPY2.png

jpy

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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