EUR/JPY broke key support level 131…
USD/JPY reached sell target 110.00
- USD/JPY reached sell target 110.00
- Next sell target - 108.10
USD/JPY has been under strong bearish pressure lately – following the earlier breakout of the support area lying at the intersection of the support level 110.00 (which was set as the sell target in our previous forecast for this currency pair) and the support trendline of the daily Triangle from March. The breakout of this support area accelerated the active minor ABC correction (ii). USD/JPY is expected fall to next sell target at the next support level 108.10 (low of the previous correction (2) from April).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.