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.
USD/JPY: bears want more
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.
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%.
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.
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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