EUR/GBP can’t leave the consolidation range of 0.87-0.9020. It was formed in line with the “Spike and ledge” pattern.
USD/JPY: yen got lost
BUY 110.5 SL 109.95 TP1 111.5 TP2 112.5 TP3 114.5
SELL 109.4 SL 109.95 TP1 108.4 TP2 107.2 TP3 106.05
On the daily chart of USD/JPY, the inability of bears to pull the pair below the uptrend channel points at their weakness. If bulls manage to overcome resistance at 110.95, the odds of the pair going to 200% of the AB=CD will increase.
On H1 of USD/JPY, a break of resistance at 110.5 will trigger “Wolfe waves” pattern with targets above 111.5. To develop a correction, bears need to pull the pair below support at 109.4.
On the daily chart, bears are in control. They are still hoping to push the pair to 200% target of AB=CD.
Bearish Ichimoku Cloud with falling Senkou Span B; a cancelled golden 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…