EUR/JPY: bulls are developing an attack

EUR/JPY: bulls are developing an attack

Recommendation:

BUY 136.10

SL 135.55

TP1 137.10 TP2 138.00

On the daily chart, the initiative returned to bulls as EUR/JPY rebounded from the uptrend’s lower border. If the pair exits from the current short-term consolidation with the following renewal of January high, this will trigger the pattern AB=CD. Its 127.2% target is at 138.00.

EURJPY1.png 

On H1, EUR/JPY is in the sustainable uptrend. A break for the triangle’s upper border moved bulls to the next goal. A successful test of resistance 136.10 creates grounds for continuation to the north. 

EURJPY2.png

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