On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
EUR/JPY: do you see the pattern?
2020-05-20 • Updated
EUR/JPY seems so be forming a bearish harmonic pattern – something between Crab and Butterfly. There’s still scope for upside towards the 118.70/119.85 area, where a reversal to the downside should take place. Notice, however, that it often happens that the harmonic patterns don’t reach the exact targets. On the H4, the pair’s consolidating within a kind of triangle. The break will lead it either to 117.00 or to the levels mentioned above.
Trade ideas for EUR/JPY
BUY 118.25; TP1 118.70; TP2 119.25; SL 118.10
SELL 117.40; TP 117.00; SL 117.55
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