EUR/JPY: bears play cat and mouse

EUR/JPY: bears play cat and mouse

On the EUR/JPY daily chart, the "bears" have implemented the targets on the short positions and reached support at 117.35. A successful test of this level will lead to the continuation of a downward movement towards the convergence zone 116.55-116.75. Bears remain control over the pair. Traders might consider selling on rollbacks or on breakouts of the supports.

On the EUR/JPY hourly chart, a downward triangle has been formed. A successful test of its lower border can lead to the continuation of the downward movement. The immediate supports can be found near 118.4 and 119.05. 

Recommendations: SELL 118,4 SL 118,95 TP 116,75,

SELL 119,05 SL 119,6 TP 117,35. 



USD/TRY has moved sharply down this week falling to the support line since the end of November.

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The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

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