EUR/JPY: euro is counterattacking

EUR/JPY: euro is counterattacking

Recommendation:

BUY 131.80

SL 131.25

TP1 132.80 TP2 133.20 TP3 136.70

On H1, EUR/JPY is consolidating in the 129.15-132.15 range within the “Spike and ledge” pattern. A break of its upper border will increase the risks of a “Shark” pattern with a target at 88.6%. It corresponds to 136.7.

EUR1.png 

On H1 of EUR/JPY, the inability of bears to return the pair inside the downtrend channel points at their weakness. A successful test of resistance at 131.8 will open the way up to targets of “Wolfe waves” and “Shark”.

EUR2.png

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