GBP/USD: levels to trade
GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
USD/JPY: yen is hunting for crabs
Recommendations:
BUY 111.45 SL 110.90 TP1 112.45 TP2 112.85 TP3 112.95
SELL 110.15 SL 110.7 TP1 109.15 TP2 108.15 TP3 107.15
On the daily chart, bears are trying to keep USD/JPY inside the long-term downtrend channel. If they succeed, the odds of the pair going to 88.6% and 161.8% targets of the “Bat” and AB=CD will increase.
On H1, a break of resistance at 111.45 will allow buyers to counting on formation of the junior “Crab” and “Wolfe waves”. On the other hand, a decline below support at 110.15 will open the way down to 161.8% target of the senior “Crab”.
Ivan Karamazov
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