USD/JPY: the USD will weaken

USD/JPY: the USD will weaken

Recommendation:

SELL 112.6

SL 113.15

TP1 111.6 TP2 109.9 TP3 107.85

On the daily chart of USD/JPY, bulls managed to stick above the important level of 113.27. Bulls are strong to continue the rally and resume the uptrend. Bears hope for the return to the support at 112.6. A break of it will increase risks of the combination of 1-2-3 and «Three Indians» patterns.

usdjpy_d.png

On H1, if the pair returns to the support at 112.6, the "Shark" pattern with the 88.6% target will be implemented. However, until the pair is above 113.4, bulls are stronger. 

usdjpy_60.png

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GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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