USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/JPY: the USD is weak
SELL 112.7 SL 113.35 TP1 111.7 TP2 110.7 TP3 109.9
SELL 111.6 SL 112.15 TP1 110.7 TP2 109.9 TP3 107.85
On the daily chart of USD/JPY, bulls couldn’t break the resistance at 113.25 that signals their weakness. If the pair leaves the upward channel and will break the support at 111.6, 1-2-3 and AB=CD patterns will be implemented.
On H1, a successful break of the support at 111.5-111.6 will pull the pair to targets of the “Broadening wedge” pattern. Traders may sell at the break of the 112.7 level.
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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