EUR/JPY: bears pull back, but don’t give up

EUR/JPY: bears pull back, but don’t give up

Recommendation:

BUY 131.80 SL 131.25 TP 132.80

SELL 130.50 SL 131.05 TP1 129.50 TP2 128.90

On the daily chart of EUR/JPY, the pair’s exit from the descending channel will create grounds for the “Shark” pattern. The necessary condition for further decline is the successful test of support at 130.50.

 EURJPY1.png

On H1, EUR/JPY keeps forming “Wolfe waves” pattern. Bulls are also trying to trigger the junior “Shark” pattern. If they succeed, the odds of advance to its 113% target and then to 78.6% and 88.6% targets of the senior “Shark” pattern will increase.  

EURJPY2.png

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