It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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