EUR-JPY
After the intervention of the G7 countries in the weakening of the JPY in the weekly graph there is a creation of a major hammer which crosses the whole range at about (900 pips)
The break out of the range eventually will need to give a target of the range itself, because we can be subject to a false break out and the technical close stop to take the deep range target and thus, this is the second size of the range which will set a shorter time frame, as for example the break out in the 4 hour time frame which began to retrace the last uptrend before the closing of the week.
Potential Trade
4 hour time frame
Long in the breakout 115.60
Target is 118.10 (It is 127.20 Fibonacci of the range on the daily time frame and retraced at 38.2 Fibonacci of all the downtrend which is preliminary- red area)
There is a stop under the channel that was created before the breakout.
EUR-GBP
The pair that broke out the upward diamond pattern reached an important resistance point between 0.8750 to 0.8800, the resistance area is also known as the “sweet zone” to the bear wolf pattern and its target can be seen in the discontinuous red line.
Since the 50th CCI indicator is still showing an upward, high momentum, it has to integrate with the short pattern just after the decline of the CCI 50 under the 100th level (horizontal blue line) otherwise the breakout can be expected at 0.8800 and a potential peak check of 0.8940, there it is also the full target of the break out diamond pattern.
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As can be seen by the graph bellow:
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