EUR/JPY: bears counterattack

EUR/JPY: bears counterattack

2019-11-11 • Updated

Recommendations:

SELL 132.00 SL 132.55 TP1 131.2 TP2 130.95

BUY 132.60 SL 132.05 TP1 133.25 TP2 133.75 TP3 135.70

On the daily chart, EUR/JPY formed an inside bar after two days of growth. A break of its top will increase the odds of the “Shark” pattern with a target at 88.6%. On the other hand, if the pair renews its low, it will allow bears to counterattack.

EURJPY1.png  

On H1, there’s a “Spike and reversal with acceleration” pattern. As long as the pair is above the trendline, bulls will remain in control. A break below support at 132 will increase the risks of a “Shark”.

EURJPY2.png

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