NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
USD/JPY: yen is fighting for the initiative
TP1 106.60 TP2 105.35 TP2 103.20
On the daily chart, USD/JPY bulls managed to return the pair to the previous long-term consolidation range of 107.35-115.50. Father fate of the yen will depend on the results of the fight for 107.35. The necessary condition for the downtrend’s resumption is the pair’s decline below support at 106.60.
On H1, USD/JPY formed several inside bars. This points at the uncertainty. To continue the decline bears have to keep the pair out of uptrend channel.
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...
GBP/JPY reversed from resistance zone Next sell target - 149…
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...