USD/JPY: bulls benefited from the gap formation

USD/JPY: bulls benefited from the gap formation

On the USD/JPY daily chart, the bulls with the help of a gap reached the resistance at 110.2. It corresponds to the lower boundary of the 110.2-111.55 consolidation range. As a result, the Wolf Waves pattern was formed. A breakout of 110.2 and 111.15 levels can lead to the implementation of 112.5 and 112.9 targets.

On the USD/JPY hourly chart, there is a formation of the Dragon reversal pattern. Update of the high of today's trading day (110.55) or closing of the gap with a subsequent rebound from the upper boundary of the previous downward trading channel will create the prerequisites for opening long positions.

Recommendations: BUY 110,55 SL 110 TP 112,5, BUY 109,5 SL 108,95 TP1 111,45 TP2 112,5. 


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.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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