Bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen.
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.
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
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