EUR/JPY: bulls got free

EUR/JPY: bulls got free

2019-11-11 • Updated

Recommendation:

BUY 134.00

SL 133.45

TP1 135 TP2 136

On the daily chart, EUR/JPY left the medium-term consolidation range 131.50-133.95 as it traded within “Spike and ledge” pattern. As a result, the pair resumed bullish trend and the chances of advance to 200% of AB=CD pattern increased. It’s situated near 136.

EURJPY1.png  

On H1, EUR/JPY formed a “Widening wedge”. The fact that it went to point 5 means that bulls have total control. Pullbacks to supports may be used for forming long positions.

EURJPY2.png

 

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