On the daily chart of USD/JPY, there is the rally to 200% target of the AB=CD pattern.
USD/JPY: Dollar may continue downtrend
Technical levels: support – 106.50; resistance – 107.00.
- Sell — 106.80; SL — 107.00; TP1 — 106.10; TP2 — 105.30.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the prices are inside of a Cloud, but the Dollar looks very weak.
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…