EUR/JPY: bulls went to the stable

EUR/JPY: bulls went to the stable

Recommendation:

SELL 133.05

SL 133.60

TP1 132.05 TP2 131.5

On the daily chart, EUR/JPY is trading in the “Shakeout-Fakeout” pattern. After reaching 161.8% target of AB=CD the pair returned inside the previous consolidation range of 131.50-134.30. A break of the lower border of an uptrend will increase the risks of correction to the long-term bullish trend.

EUR1.png 

On H1, a successful test of support at 133.05 will allow bears to trigger the “Shark” pattern and make the pair go to 88.6%.

EUR2.png

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