EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
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.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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