Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen.
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%.
Narrow bullish Ichimoku Cloud with falling Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.
GBP/JPY broke support level 141…
Recommendation: BUY 0,9765 SL 0,971 TP1 0,985 TP2 0,9895…