EUR/JPY: euro is grabbing for a pin bar

EUR/JPY: euro is grabbing for a pin bar

Recommendation:

BUY 133.40

SL 132.85

TP1 134.40 TP2 135.40

On the daily chart, EUR/JPY reached 88.6% target of a “Shark” pattern. As a result, risks of a pullback increased. A pin bar increases the risks of a correction. Its high forms resistance at 133.40. To continue the decline to 113% target of the “Shark” patterns, bears need to pull the euro to February low.

EUR1.png 

On H1, EUR/JPY formed two bars with lower bottom wicks. It means that bulls are ready to counterattack. They want to trigger a “Shark” pattern with a target of 88.6%.

EUR2.png

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