EUR/JPY: bears showed weakness

EUR/JPY: bears showed weakness

Recommendation:

BUY 132.40

SL 131.85

TP1 133.6 TP2 134.4 TP3 136

On the daily chart, bears are testing support at 131.50 for the third time. The inability of the sellers to lower the pair below an important support is a signal of their weakness. This increases the risks of the uptrend’s resumption and advance towards 161.8% and 224% of AB=CD.

EUR1.png 

On H1, EUR/JPY declined after reaching targets of “Wolfe waves” and “Shark”. The pair’s currently forming a “Dragon” with the following successful test of resistance at 132.40.

EUR2.png

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