Daily analytical report (07/06/18)

2018-06-07T17:27:14
  • There's a nice bearish setup on the USDJPY pair, but no sell signal as of yet. For that, we need to see a breakout of the neckline of the head and shoulders pattern, which can be now seen on the charts. What is more, there is a false breakout pattern at play, which is also promoting the drop. The pair coming above the red area will turn the situation on its head.
  • On the flip side, the NZDJPY is giving a buy signal, as the JPY is poised to weaken. This view is supported by the false breakout (expected over the long term) and the price surging above a major resistance. Now, the chart is showing us an additional flag in the mid-term, which is bouncing from a support. Overall, this appears to be a signal to buy, but we need to wait for the price to break the upper line of the flag first.
  • Gold lies between the horizontal resistance and the dynamic support (long term upwards trend line). We are now expecting a breakout here, which will give us a potentially super strong trading signal.

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