On the daily chart of USD/JPY, there is the rally to 200% target of the AB=CD pattern.
USD/JPY: bulls will make a stop
- BUY 112.85, SL 112.30, TP 114.00
- BUY 111.85, SL 111.3, TP 114.00.
On the daily USD/JPY chart, the pair ran into the convergence area of 114-114.55 (23.8% of the long-term bullish wave – 61.8% of the descending medium-term wave). This together with the realization of the interim target of 78.6% of the inverted "Shark" pattern creates the potential for the short-term correction.
On H1, USD/JPY wasn't able to overcome resistance at 113.93 (78.6% of the last descending wave) that points at the weakness of bulls. The pair may now return to support at 112.85 and 111.85.
On the daily chart of EUR/JPY, the pair keeps going up to 127.2% and 88.6% targets of “Perfect butterfly” and “Shark” patterns.
Expanding bearish Ichimoku Cloud with horizontal Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.
GBP/JPY broke support level 141…
Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895…