USDJPY, “US Dollar vs Japanese Yen”
USDJPY is trading at 108.69; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 108.90 and then resume moving downwards to reach 107.80. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 109.35. In this case, the pair may continue growing towards 110.85. To confirm further decline, the asset must break the support level and fix below 108.05, thus completing a Double Top reversal pattern.
CADCHF, “Canadian Dollar vs Swiss Franc”
CADCHF is trading at 0.7422; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7445 and then resume moving downwards to reach 0.7345. Another signal in favor of a further downtrend will be a rebound from the neckline of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7485. In this case, the pair may continue growing towards 0.7575.
GBPJPY, “Great Britain Pound vs Japanese Yen”
GBPJPY is trading at 154.31; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 153.95 and then resume moving upwards to reach 156.55. 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 152.05. In this case, the pair may continue falling towards 151.15.
