Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market tested Kijuns’s resistance and returned to Monday’s lows.
USD/JPY: wedge stopped the bulls
SELL 110,9 SL 111,45 TP 109,6,
BUY 111,6 SL 111,05 TP 112,8.
On the USD/JPY daily chart, the bulls faced the resistance at 111.55. If it is tested successfully, there will be the continuation of the rally and the implementation of the targets in the"Wolf Waves" pattern. The nearest important support can be found near 110.5.
On the USD/JPY hourly chart, the expanding wedge pattern was formed, then, the pair moved into the consolidation phase. To restore the uptrend, a test of the strong resistance at 111.6 is needed. In contrast, a drop of quotes below the support at 110.9 will lead to the development of the correction.
Bearish Ichimoku Cloud, but horizontal lines Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with weak channel Tenkan-Kijun; the market is in consolidation on Tenkan-sen and Kijun-sen.
A successful test of the lower border of the 1.2730-1.2920 consolidation range with the following renewal of May high opens the way up to 127.2% target of AB=CD.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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