USD/JPY: 'Shooting Star' led to decline

USD/JPY: 'Shooting Star' led to decline

1206usdjpyH4 (3).png

There are the 'Engulfing' and 'Hanging Man' patterns, which both have been formed at the last local high. So, there's an opportunity to have a local bearish correction. In this case, we should keep an eye on the nearest support at 109.86. A pullback from this level could be a departure point for another upward price movement towards the upper 'Window' (110.77).

1206usdjpyH1 (3).png

The price is declining because of the last 'Shooting Star'. The main intraday target is the closest support at 109.87. If we have a pullback from this level little later on, there'll be a moment to have a bullish price movement in the direction of the next resistance at 110.77.



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EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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