The pair is greatly influenced by the constant changes in global risk sentiment as well as the policy of the central banks.
USD/JPY: yen can strengthen
TP1 107.4 TP2 106.75 TP3 106.05
On the daily chart of USD/JPY, the “Shark” pattern is transforming into 5-0. After a correction to 50% of the wave CD, an advance above May high will open the way up to the pair. On the other hand, a break of diagonal support (the lower border of the uptrend channel) and the triggering of the “Bat” pattern will increase the odds of it reaching 88.6% target.
On H1, a decline below support at 108.40 will trigger a “Head and Shoulders” pattern and AB=CD will allow bears to develop their attack.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…