EUR/JPY: euro is resuming its trend

EUR/JPY: euro is resuming its trend

Recommendation:

BUY 133.65

SL 133.1

TP1 134.65 TP2 136

On the daily chart, EUR/JPY reached the targets of “Wolfe waves” pattern. A break of diagonal resistance at 2-4 increased risks of an uptrend’s resumption. To reach targets at 161.8% and 224% of AB=CD the pair should renew November high.

EURJPY1.png 

On H1, EUR/JPY formed “Wolfe waves” and “Deep Shark”. Correction to 23.6%, 38.2% and 50% of the wave CD are usually used for forming long positions as the Shark is transforming into 5-0.

EURJPY2.png

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