EUR/JPY: bulls are restoring the trend

EUR/JPY: bulls are restoring the trend

Recommendation:

BUY 131.95

SL 131.40

TP1 132.95 TP2 133.8 TP3 136

On the daily chart of EUR/JPY, bulls could fix over the top line of the downtrend channel and are planning to move to the resistance at 131.95. Reaching this point will create a “Broadening wedge” pattern and allow to count on the continuation of a rally towards targets at 127.2% and 88.6% of the patterns AB=CD and “Double bottom”.

1.png

The pattern "Wolfe waves" is visible on the H1 chart. An update of the September maximum will go further in the direction of 200% target for AB=CD.

2.png

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Latest news

XAU/USD: a short-term trade

Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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