Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen.
USD/JPY: bulls were fed to the shark
TP1 112.50 TP20 112.90
On the daily chart, USD/JPY returned to the previous long-term channel. At the same time, the pair reached 113% target of the “Shark” pattern. As a result, the risks of a pullback increased. The necessary condition for the start and the development of a correction are a successful test of resistance at 111.65.
On H1, the risk of transformation of the “Shark” into 5-0 have increased. Correction towards 38.2% and 50% of the wave CD is usually used for opening short positions.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising lines.
On the daily chart of USD/JPY, a break of the support at 112.85 and an exit out of the upward channel may mean an implementation of reversal 1-2-3 and "Three Indians" patterns.
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...