EUR/JPY: euro says “bye” to consolidation
Read the article on FBS website
Recommendation:
BUY 133.5
SL 132.95
TP1 135 TP2 136.1
On the daily chart, EUR/JPY is consolidating in the 131.65-133.50 range within the “Spike and ledge” pattern. The trend is bullish, so it’s necessary to prefer buying. A break of resistance at 133.50 will increase the risks of triggering junior and senior AB=CD pattern.
On H1, EUR/JPY formed a widening wedge. The pair’s return to 78.6-88.6% of the wave 4-5 points at bulls’ strength. To continue the rally a successful test of resistance at 133.50 is necessary.
