EUR/JPY: bulls have situation under control

EUR/JPY: bulls have situation under control

Recommendations: BUY 124,9 SL 124,35 TP1 126,2 TP2 128. 

On the EUR/JPY daily chart, there is a continuation of the upward movement within the framework of the boundaries of the Deep Shark pattern. Its target is located at 161.8% of the BC wave; it corresponds to the level of 128. Bears' attempt to launch a counterattack has failed; it has become a signal of their weakness.

On the EUR/JPY hourly chart, quotes are moving within the upward trading channel in the direction of the 113% target in the Shark inverted pattern. The signal for opening long positions might occur when quotes go beyond the boundaries of the triangle.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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