USD/JPY: sell the USD

USD/JPY: sell the USD

Recommendation: SELL 112.3 SL 112.85 TP1 111.45 TP2 110 TP3 107.85

 On a daily chart of USD/JPY, bears could not move the pair out of the upward channel and create a combination of “Three Indians” and 1-2-3 patterns.  At first, sellers need to cross the support at 112.3. If they manage to break it, the 88.6% and 161.8% targets of the “Shark” and “Crab” patterns could be achieved.

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On H1, there is a chance that the pair will reach targets of 5-0 pattern. If the support at 112.3 is broken, the AB=CD pattern with 200% target will be implemented.

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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