EUR/JPY: euro is in the ledge

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.

EUR1.png 

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.

EUR2.png

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