
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
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After testing the lowest levels since 2016 in the 101.18 area earlier this week, USD/JPY turned up and returned above 105.00. On the H4, the pair formed a higher low and rose above the 50-period MA.
Japan announced the unscheduled purchase of 200 billion yen ($1.90 billion) in government debt. The news has weakened the yen.
USD/JPY may recover to 106.70 (50% Fibonacci retracement of the February-March decline). The next levels to watch on the upside will be at 107.65 and 108.00. Support lies at 105.40, 105.00, and 104.00.
BUY 106.20; TP 106.70; SL 106.00
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
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.
Ichimoku Kinko Hyo CAD/JPY: The pair is trading above the cloud…
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
Ichimoku Kinko Hyo GBP/JPY: The pair is trading below the cloud…
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