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There're bullish patterns such a "Morning Star" and a "High Wave", which both have been confirmed. So, the 55 Moving Average is likely going to act as resistance. If so, we could have another decline afterwards.
We've got a "Shooting Star", which has been formed on the 55 Moving Average. However, confirmation of this pattern is a quite weak, so we could have a local bearish correction and the following decline littel later on.
The last bearish "Harami" led to the current decline, but the Moving Averages are acting as support. Also, there isn't any reversal pattern so far, which means the price is likely going to continue declining until any bullish pattern forms.
The 89 Moving Average has acted as resistance, so we've got a bearish "High Wave" pattern. In this case, the last low is likely going to be broken soon. If any reversal pattern arrives afterwards, we could have a bullish correction towards the nearest resistance.
Technical levels: support – 1.1550, 1.1580; resistance – 1.1620, 1.1640.
Trade recommendations:
Sell — 1.1620; SL — 1.1640; TP1 — 1.1580; TP2 – 1.1550
Reason: expanding bearish Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the prices are fixed inside a channel of Tenkan-Kijun and may go to the bottom border of a Cloud.
Sell — 1.3130; SL — 1.3150; TP1 — 1.3080; TP2 — 1.3010.
Reason: expanding bearish Ichimoku Cloud, falling Senkou Span A; an irregular golden cross of Tenkan-sen and Kijun-sen; the market returned to Tenkan-sen in a local correction movement.
On the daily chart, EUR/JPY formed “Wolfe waves” and a pin bar. Their formation will increase the odds of the uptrend resumption. If bulls manage to return inside the uptrend channel, risks of advance to 224% and 161.8% targets of senior and junior AB=CD patterns will significantly increase.
On H1, a break of the diagonal resistance at 2-4 within the “Wolfe waves” pattern will become a signal for opening long positions towards 113% target of the “Shark” pattern.
On the daily chart, USD/JPY will continue forming the “Shark” pattern with the target at 113%. Rebound of the quotes from the lower border of the upside trend channel with the following formation of the pin bar means that bulls are seizing back the initiative.
On H1, a break above of the neckline of “Head and shoulders” pattern points at unsuccessful retest. This strengthens the risks of the pair’s advance. Its return to resistance at 114.30 with the following increase above this level will allow bulls to continue the rally.
There's a new local low, but bears faced with support at 1.1560, so we've got a "V-Bottom", which pushed the price higher. In this case, the pair is likely going to reach the nearest resistance at 1.1615 - 1.1634 in the short term. If a pullback from this area happens, there'll be an opportunity to have another decline.
We've got a bullish "Pennant" on the one-hour chart, so the market is likely going to test the closest resistance at 1.1634 during the day. If a pullback from this level happens little later on, bears will probably try to deliver a downward price movement in the direction of the next support at 1.1560 - 1.1553.
There's a "V-Bottom" pattern, which has been confirmed, so the pair is likely going to test the 55 Moving Average soon. If we have a pullback from this line, bears will probably try to start another decline towards the last low.
Bulls have broken the last "Pennant" pattern, so the price is rising. However, if a pullback from the nearest resistance at 1.3177 - 1.3182 happens afterwards, we could have a decline in the direction of the next support area.
The price reached the 34 Moving Average, but there isn't any reversal pattern so far. In this case, bulls are likely going to test the 89 MA in the short term. If a pullback from this line happens, we could have just another decline.
The last "Three Methods" pattern has acted as support. At the same time, we don't have any bearish candle pattern for now. In this case, the upward correction is likely going to move on until any reversal pattern forms.
There isn't any reversal pattern, so the price is still declining. Therefore, the market is likely going to continue moving down until any bullish candle pattern arrives.
The last "Tweezers" pattern pushed the price lower. All the last candles are black, so we could see the pair even lower in the coming hours. The main intraday target is the lower "Window", which could be a departure point for an upward correction.
