MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
USD/JPY:
We moved slightly higher than I had anticipated yesterday but we have clearly toppled and now appear to be within a bearish Wedge formation. If successful it will target the 118.65 lows but there are plenty of interim target to consider for short trades.
The bearishness of the breakout would imply shallow pullbacks initially which we can consider shorting on lower timeframes.
A break below 119.6 is required to target 119.50 and 119
WTI:
Focusing on recent candles, the higher spike followed by small inside bars (whilst respecting 49.48 support) suggests we may have another pop higher towards 50.54 or 51.26.
However, my bias is for another dip lower toward the 47.80 low. We can either wait for a break below 49.48 support to confirm, or use sell-limits to fade into any rallies towards the 38.2% or 50% retracement zones.