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 yen liked the “Shark”
TP1 111.35 TP2 111
On the daily chart of USD/JPY, there is the rally to 200% target of the AB=CD pattern. To continue the upward movement, bulls need to break the resistance at 113.3 (61.8% from the last long-term downward wave).
On H1, there is the “Spike and reversal with acceleration” pattern. After bears broke the trendline of the acceleration stage, they aim to break the support at 112.2. If they succeed, they will be able to implement the «Shark” pattern with 88.6% target.
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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