The head and shoulders pattern is based on the trendchannel EUR/JPY is trading in right now, and on Fibonacci retracement levels serving as support/resistance. Other supports are double bottoms/tops. Upside target before the end of the week is 136.00, after which price could advance to a maximum of 136.253 (161.8% fib) before declining to the first Fib retracement...
After a period of consolidation in the range of 56-62, WTI Oil made a big corrective move to the 76.2% Fib level (range 41.01-62.96) from where it seems to bounce off again to higher ground. Seen on the chart is an Elliot Wave that shows wave nr. 4 probably being ended anytime soon, and wave nr. 5 commencing her trip to higher price levels.
Technicals
First...
