USD/CAD is another pair that has the potential to make significant moves in the near term.
USD/JPY tries to recover
BUY 108.75; TP 109.00; SL 108.65
SELL 109.20; TP 108.00; SL 109.50
The US dollar is correcting up versus the Japanese yen. USD/JPY managed to rise above the 50-period MA on H4 and get above the highs of last week. The pair is also trading above the weekly pivot point at 108.19. This opens the way up to the 109.00 area. This level is the target for the bullish correction. Beyond this point, it will be riskier to trace the retracement. Given the declining resistance line around 109.25, it will be sensible to think about selling the pair if it manages to get this far.
Last week USD/CHF broke below the uptrend support line of 2018.
CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.