EUR/JPY: bulls are counterattacking

EUR/JPY: bulls are counterattacking

Recommendation:

BUY 127.3

SL 126.75

TP1 128.15; TP2 129; TP3 129.15

On the daily chart, EUR/JPY reached 161.8% target of AB=CD. This increases the risks of a pullback to the lower border of the 129.15-132.15 consolidation range. To continue moving down, bears have to renew May low.

JPY1.png 

On H1, EUR/JPY triggered a “Shark” pattern. Its 88.6% and 113% targets are at 128.15 and 129. The necessary condition to continue the rally is a successful advance above resistance at 127.30.

JPY2.png

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