Volatility has greatly diminished in USD/JPY. The pair is consolidating in a narrow range on H4, and a breakout is coming.
USD/JPY: bulls go north
BUY 113.65 SL 113.1 TP1 114.65 TP2 115.35
SELL 112.75 SL 113.3 TP 111.75
On the daily chart, USD/JPY bulls managed to conquer resistance at 113.00 and return initiative in their hands. As a result, the odds of reaching 113% target of the inverted junior “Shark” pattern increased.
On H1, USD/JPY keeps correcting to the wave CD as the “Shark” pattern is transforming into 5-0. Return of the pair 50% and the following successful test of the diagonal support will increase the risk of decline. On the other hand, increase above 78.6% and 88.6% will allow bulls to continue the rally.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...