Today, we will focus on two pairs with JPY and oil. Let's start with EURJPY, where yesterday's daily candlestick is a shooting star. It would be meaningless if not for the fact that this candlestick is present on an important horizontal resistance. What is more, when we look closer, we can see that there is a chance for a head and shoulders pattern. Buyers beware!
On the other hand, USDJPY is hinting at a future upswing. The price defended the upwards trend line and the mid-term horizontal support. In addition to this, we have a flag formation. All of that promotes a further upswing.
Oil broke the upper line of the symmetrical triangle and the neckline of the inverse head and shoulders pattern, thus giving us a proper buy signal. The current momentum should allow us to see the new long-term highs relatively soon.