USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
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.
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.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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