EUR/JPY: euro faced with the wedge

EUR/JPY: euro faced with the wedge

Recommendations: 

SELL 123,6 SL 124,15 TP1 122,25 TP2 120,8, 

BUY 124,3 SL 123,75 TP1 125,2 TP2 128.   

On the EUR/JPY daily chart, bears are preparing for the counterattack to stop the rally towards 161.8% target in the Crab pattern. If they succeed, the quotes will probably roll back towards the 23.6%, 38.2% and 50% levels of the CD wave.

On the EUR/JPY hourly chart, the expanding wedge pattern was formed. A return of quotes towards the level of 23.6% of the 4-5 wave will allow us to open short positions. In contrast, the euro upsurge towards 124.3 might lead to the uptrend restoration.

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