USD/JPY: yen returned to the convergence zone

USD/JPY: yen returned to the convergence zone

On the USD/JPY daily, the quotes reached the lower border of the downward trading channel, but, then, they returned 108.8. There is a target 161.8% in AB = CD and 50% correction level from the last long-term upward wave. The further movement of the pair will depend on the test of this level. 

On the USD/JPY hourly chart, the rise of quotes above the corrective high at 109.45 will activate the "Shark" pattern. Its 113% target is located in the area of 110.05-110.1. There is the upper border of the descending channel. Big sellers might be very active near the resistance at 110.25.


GBP/USD is losing ground

On the daily chart, GBP/USD keeps correcting to the long-term uptrend. Bulls tried to return the pair inside the previous consolidation range of 1.3455-1.3615.

USD/CHF: franc is showing signs of live

USD/CHF is correcting to the long-term bullish trend. To break the trend, the pair has to get out of the uptrend channel and form a “Spike and reversal with acceleration”.

GBP/USD: pound may continue downtrend

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market tested Kijuns’s resistance and returned to Monday’s lows.



Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

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