EUR/JPY: bulls make a trap

EUR/JPY: bulls make a trap

Recommendation:

BUY 130.1

SL 129.55

TP1 131.1 TP2 132.1 TP3 133.45

On the daily chart of EUR/JPY, the pair keeps going up to 127.2% and 88.6% targets of “Perfect butterfly” and “Shark” patterns. To encourage the rally, the pair needs to break the resistance at 132.6 (61.8% from the last medium-term downward wave).

eurjpy_d.png

On H1, there is the “Spike and reversal with acceleration” pattern.  Bears try to counterattack and implement the “Shark” pattern. The rebound from the support near the 88.6% target will be a signal to buy.  

eurjpy_60.png

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