USD/JPY: bulls retreat, but don’t give up

USD/JPY: bulls retreat, but don’t give up

Recommendation:

BUY 112.80

SL 112.25

TP1 113.70 TP2 115.20

On the daily chart, USD/JPY bears managed to lead the pair outside of the uptrend channel. Together with this, reaching 78.6% of the Gartley pattern will allow bulls to seize the initiative. For a start, buyers need to settle above an important level of 111.65 yen. 

JPY1.png 

On H1, USD/JPY bulls are hoping for a “Shakeout-Fakeout” pattern. For that, they need to return the pair to the middle of the previous consolidation range of 112.05-113.65.

JPY2.png

jpy

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USD/TRY has moved sharply down this week falling to the support line since the end of November.

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The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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