On the daily chart, bulls failed to push USD/JPY above an important resistance at 112.45 from the first attempt.
USD/JPY: Dollar is corrected to Cloud
Technical levels: support – 113.30, 113.00; resistance – 113.90, 114.20.
- Buy — 113.30; SL — 113.10; TP1 — 113.90; TP2 — 114.30.
Reason: bullish Ichimoku Cloud, horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen; but the market in a correction phase to the Cloud.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a newgolden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
Extremely narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.
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...