EUR/JPY: bears want to develop correction

EUR/JPY: bears want to develop correction

Recommendation: BUY 124,9 SL 1,2435 TP 127,9. 

On the EUR/JPY daily chart,  bears launched a counterattack willing to develop correction and push quotes beyond the upward trading channel. As a result, the Double-Top pattern was formed. To restore the uptrend, buyers need to test the resistance at 125.75.

On the EUR/JPY hourly chart, there is a consolidation in the range of 124.15-124.5. A breakout of its lower border can result in the development of the correction towards 122.85  (88.6% target in the Shark pattern). A successful test of the resistance at 124.9 can lead to the uptrend restoration.

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