On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.
USD/JPY: the yen needs a trend
SELL 106.9 SL 107.45 TP1 105.9 TP2 104.9 TP3 103.9
SELL 108.3 SL 108.85 TP1 107.3 TP2 106.95 TP3 105.9
On the daily chart of USD/JPY, the correction to the downtrend is continuing. Bulls are trying to pull the pair to targets of “Wolfe waves” and “Shark” patterns and reach the 108.2-108.45 convergence. However, the possibility of the pullback is low.
On H1, a formation of “Three Indians” and “1-2-3” patterns is the first sign of the turn. The break of the support at 106.9 will lead to a slowdown of the correction’s movement and will increase risks of the long-term downtrend’s resumption.
On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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