Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen.
USD/JPY: the Dollar is under strong resistance
Technical levels: support – 106.80; resistance – 107.50.
- Sell — 107.50; SL — 107.70; TP1 — 106.80; TP2 — 106.30.
Reason: bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market is overbought and under the strong daily resistance.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising lines.
On the daily chart of USD/JPY, a break of the support at 112.85 and an exit out of the upward channel may mean an implementation of reversal 1-2-3 and "Three Indians" patterns.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...