EUR/JPY: euro is caught in consolidation

EUR/JPY: euro is caught in consolidation

Recommendation:

SELL 127.1 SL 127.65 TP1 126.55 TP2 126.1 TP3 123.5

BUY 128.5 SL 127.95 TP1 129.05 TP2 120.1 TP3 131.6

On the daily chart, EUR/JPY is consolidating in the 126.55-128.9 range within the “Spike and ledge” pattern. A break of its upper border will increase the odds of a “Shark” pattern. On the other hand, a successful test of a support at 126.55 will open the way down for bears.

EURJPY1.png

On H1, EUR/JPY keeps forming “Wolfe waves” and the “Double top”, A successful test of support at 127.1 will allow bears to continue the way down. On the other hand, a rise above the upper border of the downtrend will give control to bulls.  

EURJPY2.png

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