EUR/JPY: bulls fulfilled their mission

EUR/JPY: bulls fulfilled their mission

Recommendation:

SELL 133.25

SL 133.8

TP 132.3

On H1, EUR/JPY reached 161.8% target of the junior and senior AB=CD patterns. This increases the risks of a pullback to the uptrend. Never the less, as long as the pair’s inside the uptrend channel, bulls remain in control of the situation.

EURJPY1.png 

On H1, EUR/JPY is forming a “widening wedge” pattern. Its end together with the break of support at 133.25 will open the way south towards 23.6% and 38.2% correction levels of the last bullish wave.

EURJPY2.png

 

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