EUR/JPY: bears are moving south

EUR/JPY: bears are moving south

On the daily chart, EUR/JPY is trading within descending channel. Bears keep the pair under control, and successful test of support at 118.6 will strengthen the risks of decline towards 117.35 and 116.6. Bulls still have chances to change the situation and make the pair form the inverted 5-0 pattern. To do that they will firstly need to overcome resistance at 119.95.  

On H1, EUR/JPY keeps forming the reversal widening wedge pattern. For this wedge to be formed the pair should overcome resistance at 119.8. On the other hand, decline below March low would allow the bears to keep going south.

Recommendation: SELL 118,6 SL 119,15 TP1 117,35 TP2 116,6 BUY 119,8 SL 119,25 TP 120,8. 


Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.


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