AUD/USD: a positive prospect
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
EUR/JPY: on the way up
Information is not investment advice
EUR/JPY is likely to move further within an uptrend. The cyclical movement is clearly shown on the 4-hour chart. It has been climbing up since June 22 with short corrections. It’s widely expected that the story can repeat again this time. However, the pair may meet the resistance at 121.50. Wait until it crosses this level, as it will clear the way upwards to the next resistance at 121.85 near the 50% Fibonacci retracement level. Look for support levels at 121.00 and 120.70.
Trade idea for EUR/JPY
BUY 121.55; TP1 121.85; TP2 122.50; SL 121.40
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USD/JPY: a SELL opportunity
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
USD/CAD looks vulnerable
USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1.
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