This pair has plunged extraordinarily from 2015 to date. This is mainly due to the extremely weak sterling, and strong Yen (Risk Aversion). We have seen a stabilization of the GBP in recent weeks/days, and on several JPY crosses that seem to suggest Yen strength is fading. This could lift this pair significantly, because of the sheer size of the plunge. Bear in...
Broken triangle pattern, with previous support (1.448 - 1.453). now turn resistance. Macro is also supporting a short of this pair, with the RBA looking to end its easing cycle, while the ECB mulls expanding stimulus in its Dec meeting. Height of triangle pattern = Approx. 1,700pips. First target, half of triangle : Approx. 850pips, 1.37-1.38 (2014/2015...