Oil suffered from the volatility this week…
USD/JPY: yen is playing with Shark
On the USD/JPY daily chart, target 88.6% of the inverted Shark pattern has been achieved. The risks of the pullback towards 23.6%, 38.2% and 50% levels within the transformation of the Shark pattern into pattern 5-0 increased. Rebounds from the support can be used for the opening of long positions.
On the USD/JPY hourly chart, the Bears expect to return quotes within the borders of the downward trading channel after the realization of the Shark pattern. The Bulls have other plans. They will protect the 110.6 level trying to prevent the activation of the pattern.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.