EUR/JPY: bulls make a trap

EUR/JPY: bulls make a trap


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).


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.  



Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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