The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
USD/JPY: bulls prepare for an attack
TP1 113.50, TP2 114.50, TP3 117.40
On the daily chart, bears are trying to keep the pair inside the long-term downward channel. Never the less, they will fail if bulls push USD/JPY above the diagonal resistance and settle above 112.10 (38.2% of the descending wave).
On H1, the break above the upper border of the descending channel signaled that correction ended. Successful break above resistance at 112.33 will allow the pair to reach new bullish targets.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
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...