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

Similar

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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