USD/JPY looks vulnerable
SELL 107.40; TP1 107.10; TP2 106.70; SL 107.55
USD/JPY formed a candlestick on the W1 that strongly resembles a “shooting star”. This happened right at the resistance of the 50% Fibonacci retracement of the April-August decline at 108.40. The weak risk appetite may contribute to the strength of the JPY and the weakness of USD/JPY. On the D1, the pair slipped below the 100-day MA (107.90) on Friday. The next bearish target below the last week’s low of 107.45 lies at 107.10 (50-day MA) and then at 106.70.
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
The US dollar is currently in a correction, but is likely to continue the trend down.
The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?