USD/JPY: yen can strengthen

USD/JPY: yen can strengthen

Recommendation:

SELL 108.4

SL 108.95

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.

JPY1.png 

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.

JPY2.png

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EUR/USD found a double bottom

On the daily chart of EUR/USD, bulls are trying to form a double bottom with the help of a bar with the long lower shadow. Bears are still hoping to trigger AB=CD pattern with targets 127.2%, 161.8%, and 200%.

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EUR/USD: euro hung on Tenkan-Kijun

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