EUR/JPY: bulls want to continue the party

EUR/JPY: bulls want to continue the party

2019-11-11 • Updated

Recommendation:

BUY 130.70

SL 130.15

TP1 131.70 TP2 133.40 TP3 136.70

On the daily chart, EUR/JPY keeps forming the junior “Ideal butterfly” pattern and the senior “Shark”. Bulls managed to settle above an important support at 131.05 (50% of the last medium-term descending wave) and are ready to continue the rally.

EURJPY1.jpg  

On H1, EUR/JPY is forming a “Spike and reversal with acceleration”. Bulls are dominating at the market, so pullbacks to dynamic support (EMA21) may be used for buying.  

EURJPY2.jpg

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