There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/JPY: bulls won the battle
BUY 119,25 SL 118,70 TP 121,
BUY 122 SL 121,45 TP 124.
On the EUR/JPYdaily chart, after reaching 161.8% target in AB = CD pattern and breaking the upper border of the downward channel, "bulls" managed to restore uptrend. it is confirmed by the return of quotes to 88.6% level of the CD wave. To continue the rally, the bulls need to update the April high. If the "bears" manage to send the euro below 121.2 and implement the doji bar, the risk for correction will increase. Nevertheless, the buyers will still remain their control over the pair.
On the EUR/JPY hourly chart, the implementation of the downward triangle will create the prerequisites for the correction towards 119.25.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.