USD/JPY Forming Descending Pattern Towards 101.42

The euro broke its descending channel. Today the price may continue forming ascending structure with target at level of 1.3655. Later, in our opinion, instrument may form descending structure with target at level of 1.3620; this structure may be considered as a part of another ascending wave.



The pound is still inside narrow consolidation channel. Today the price may continue growing up towards level of 1.7300. Later, in our opinion, instrument may form another consolidation channel and continue current ascending with target at level of 1.7730. However, if the market continues falling down, it may be a good opportunity to increase long positions.




The Swiss franc broke its ascending channel and right now is forming descending structure towards level of 0.8890. Later, in our opinion, instrument may return to level of 0.8940; this movement may be considered as a part of another descending wave.




The yen is forming another ascending wave with target at level of 101.00; right now, price is forming descending structure towards level of 101.42. Later, in our opinion, instrument may return to level of 101.80 and then start new descending movement towards above-mentioned target.




The Australian dollar is forming ascending wave with target at level of 0.9412. After reaching it, price may fall down towards level of 0.9370. This structure is taking the form of trend; possibly, market may continue moving upwards to reach new high. Later, in our opinion, instrument may form reversal pattern to start new descending movement.




The ruble tested the top of its continuation pattern from above. Today the price may complete the fourth wave by growing up and reaching level of 35.00. Later, in our opinion, instrument may form the fifth wave offlag pattern with target at level of 33.20.




Gold is still moving near the top of its ascending wave; right now price is forming ascending structure with target at level of 1337. Later, in our opinion, instrument may form reversal pattern and then start new descending wave. Target of this wave is at level of 1208.