EUR/JPY: buyers have a good chance

EUR/JPY: buyers have a good chance

Recommendation:

BUY 130.8

SL 130.25

TP1 131.8 TP2 132.8 TP3 133.8

On the daily chart, EUR/JPY is forming a “Dragon”. A break of resistance levels at 130.5 and 131.2 (Fibonacci levels of 78.6% and 88.6% of the wave AD of the “Bat” pattern) and renewal of the “Dragon’s” head will allow bulls to continue the way up.

EURJPY Daily.png 

On H1, a “Shark” is transforming into 5-0. After a pullback from support at 38.2% of the wave CD, bulls seized the initiative. The necessary condition for the continuation of the rally will be the increase above resistance at 130.8.

EURJPY h1.png

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