EUR/JPY: bears are laying down conditions

EUR/JPY: bears are laying down conditions

Recommendations:

SELL 130.85 SL 131.4 TP1 129.85 TP2 129.15 TP3 127.4

SELL 129.35 SL 129.9 TP1 128.35 TP2 127.4 TP3 125.75

On the daily chart, EUR/JPY keeps forming a “Shakeout-Fakeout” pattern. The return of the price to the middle of 129.15-132.15 allowed forming short positions. To continue the decline, bears need to pull the euro below 129.15.

EUR1.png 

On H1, EUR/JPY reached 113% target of the “Shark” pattern and the risks of a pullback to 23.6%, 38.2% and 50% of the wave CD increased. Such corrections are usually used for selling.

EUR2.png

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