NZD/JPY: watch the resistance
NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
EUR/JPY: euro is in the ledge
Recommendation:
BUY 133.60
SL 133.05
TP1 134.60 TP2 136.00 TP3 137.70
On the daily chart, EUR/JPY is forming a “Spike and ledge”. A break of the upper border of the 131.5-133.95 range will create grounds for the pair going to 200% target of AB=CD. On the other hand, successful test of support at 131.50 will trigger the “Bat” pattern. Its 88.6% target corresponds to 128.30.
On H1, EUR/JPY formed a “Widening wedge” pattern. To resume the uptrend, there’s a need for a successful test of resistance at 133.6.
Ivan Karamazov
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