USDJPY is still under the influence of the inverse head and shoulders pattern, which in the last week resulted with a nice buy signal. Currently, we do have a correction but this is a flag and promotes the breakout of its upper line. Crucial here is the green support. As long, as we are above, the buy signal is on.
EURAUD finally broke the lower line of the sideways trend that lasted for the few weeks. That is a strong sell signal, additionally strengthened by the RBA and their hawkish statement. Price is now drawing the right shoulder of the H&S formation. Potential sell signal can be huuuuge.
CHFJPY is having a great pattern on the weekly chart. Double top formation on the resistance. Two shooting stars bounce from the 38,2 % Fibonacci and the breakout of the lower line of the wedge. That can be a strong sell!
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
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