EURJPY, “Euro vs Japanese Yen”
EURJPY is trading at 128.75; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 129.00 and then resume moving downwards to reach 127.65. Another signal in favor of a further downtrend will be a rebound from the upside border of a Triangle pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 130.35. In this case, the pair may continue growing towards 131.35. To confirm further decline, the asset must break the pattern’s downside border and fix below 128.15.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading at 1.3682; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3720 and then resume moving downwards to reach 1.3535. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3805. In this case, the pair may continue growing towards 1.3905.
BRENT
Brent is trading at 63.23; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 62.10 and then resume moving upwards to reach 68.35. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 60.55. In this case, the pair may continue falling towards 58.25. To confirm further growth, the asset must break the neckline of a Head & Shoulders reversal pattern and fix above 65.15.
