Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines
USD/JPY: will the yen catch a “bat”?
SL 107.2 TP1 105.85
TP2 105.5 TP3 104.85
On the daily chart of USD/JPY, there’s the short-term consolidation in the 106.65-107.45 range. A break of its lower border and return of the pair outside the uptrend channel will increase the risks of downtrend’s resumption. On the other hand, successful advance above resistance at 107.45 will allow bulls to develop a correction.
On H1, there’s a “Spike and ledge” pattern. A break of the lower border of the ledge near 106.65 will trigger the “Bat” pattern with a target at 88.6%.
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen
On the daily chart of USD/JPY, after the pair reached 113% target of the “Shark” there was a natural pullback.
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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