EUR/CHF met resistance at the 50-week MA around 1.14. The Moving Average has recently formed a “dead cross” with the 100-week MA.
Will EUR/JPY resume the downtrend?
SELL 123.95; TP 123.30; SL 124.10
BUY 125.10; TP 125.90; S: 124.90
EUR/JPY spent more than a month correcting up after its spike down at the start of January. It seems that the time the downtrend finally resumes is getting nearer.
On W1, 50-week MA went below the 100-week one. If the price closes the current week below 124.00, we’ll get a falling three methods pattern — a sign of bearish continuation.
On D1, moving averages are in the negative setup. The pair approached 124.20, the support line connecting January 15 and January 2 lows. A break lower will lead EUR/JPY to lower ranges. If the pair attempts to recover, it will meet resistance at 125.00. The rise above this level is needed to let the euro retest the downtrend resistance and the 50-day MA at 126.00.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…