EUR/JPY: euro says “bye” to consolidation

EUR/JPY: euro says “bye” to consolidation

Recommendation:

BUY 133.5

SL 132.95

TP1 135 TP2 136.1

On the daily chart, EUR/JPY is consolidating in the 131.65-133.50 range within the “Spike and ledge” pattern. The trend is bullish, so it’s necessary to prefer buying. A break of resistance at 133.50 will increase the risks of triggering junior and senior AB=CD pattern.

EURJPY1.jpg 

On H1, EUR/JPY formed a widening wedge. The pair’s return to 78.6-88.6% of the wave 4-5 points at bulls’ strength. To continue the rally a successful test of resistance at 133.50 is necessary.

eurjpy_60.jpg

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