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Buy — 1.3900/20; SL — 1.3880; TP1 — 1.4050; TP2 — 1.4100.
Sell — 1.3880; SL — 1.3900; TP1 — 1.3750; TP2 — 1.3680.
Reason: narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are on Senkou Span B’s support, but the Bears have a strength.
On the daily chart, EUR/JPY returned to the lower border of the medium-term uptrend channel. In case of its successful test, the risks of the pair’s decline to 88.6% of the “Shark” pattern will increase. On the other hand, a pullback will be in favor of the resumption of the long-term uptrend.
Renews February low, it will open the way down to 88.6% target of the “Shark” pattern at 131.50.
On the daily chart, USD/JPY formed an Inside bar. To continue the decline, bears need to pull the pair below support at 108.90 and 108.30. On the other hand, a break of resistance at 109.9-110.15 with the following triggering of the “Bat” pattern will increase the risks of a pullback.
On H1, USD/JPY went outside of a triangle. This increases the odds of formation of the “Crab” pattern with the target at 161.8%. The condition needed to resume the downtrend is the decline below support at 108.90.
On the daily chart, EUR/JPY returned to the lower border of the medium-term uptrend channel. In case of its successful test, the risks of the pair’s decline to 88.6% of the “Shark” pattern will increase. On the other hand, a pullback will be in favor of the resumption of the long-term uptrend.
Renews February low, it will open the way down to 88.6% target of the “Shark” pattern at 131.50.
GBP/USD IS HEADING TOWARDS SUPPORT
11:22 08.02.2018
The price is testing the 89 Moving Average. The main intraday target is the nearest support at 1.3741. If a pullback from this level happens, we could have an upward price movement towards the 89 Moving Average.
There's a "Pennant" pattern, so the market is likely going to achieve the closest support at 1.3804 - 1.3741. However, if a pullback from this area is on the table, bulls will probably try to reach the next resistance at 1.3834 - 1.3895.
There's a bearish "Three Methods" pattern, which has been formed under the Moving Averages. So, the market is likely going to continue moving down in the short term.
The upper "Window" has acted as resistance, so there's a "Shooting Star" pattern. In this case, the pair is likely going to test the nearest support area pretty soon.
The price is testing the Moving Averages, but bulls are likely going to test the upper "Window" in the coming hours. If a pullback from this level happens afterwards, there'll be an opportunity to have another decline.
There's a bearish "Engulfing", but confirmation of this pattern isn't enough. So, the market is likely going to test the Moving Averages, which could be a departure point for a bullish price movement.
There's a bearish "Three Methods" pattern, which has been formed under the Moving Averages. So, the market is likely going to continue moving down in the short term.
The upper "Window" has acted as resistance, so there's a "Shooting Star" pattern. In this case, the pair is likely going to test the nearest support area pretty soon.
GBP/USD IS HEADING TOWARDS SUPPORT
11:22 08.02.2018
The price is testing the 89 Moving Average. The main intraday target is the nearest support at 1.3741. If a pullback from this level happens, we could have an upward price movement towards the 89 Moving Average.
There's a "Pennant" pattern, so the market is likely going to achieve the closest support at 1.3804 - 1.3741. However, if a pullback from this area is on the table, bulls will probably try to reach the next resistance at 1.3834 - 1.3895.
Every month the Bank of England announces the outcome of its meeting. In February, it will do so today February 8 at 14:00 MT time. As no changes in monetary policy are expected, the key will be the minutes containing votes of the Monetary Policy Committee’s members.
The system X-X-X shows how many members voted for a rate hike, how many – to cut the rate, and how many – to keep the rate hold. Comparing these three numbers with those of the previous minutes, we can make predictions about the future actions of the regulator. The last vote was in December and all members voted not to change the rate. Back then the pound’s reaction was muted. This time the central bank will also release its quarterly Inflation Report, so GBP can make big moves versus other currencies.
Follow this event on the Economic Calendar 👉[url]https://goo.gl/WThCMq[/url]
