EUR/JPY: euro wants freedom

EUR/JPY: euro wants freedom

Recommendation:

BUY 130.3 SL 129.75 TP1 130.95 TP2 132 TP3 132.2

SELL 129.4 SL 129.95 TP1 128.4 TP2 128 TP3 126.7

On the daily chart of EUR/JPY, bulls keep trying to trigger “Shakeout-Fakeout” and “Shark” (targets at 88.6% and 113%). For that, they need to return the pair to the middle of the previous consolidation range of 129.15-132.15.

EURJPY1.png 

On H1 of EUR/JPY, a break of resistance at 130.30 will increase the odds of going to 88.6% and 113% targets of a “Shark” pattern. On the other hand, a decline below support at 129.4 will return the pair inside the downtrend channel and open the way down to 128 and 126.7.

EURJPY2.png

Similar

USD/JPY: bears prepared a trap

On the daily chart of USD/JPY, bears are still hoping on the formation of the “Bat” in case of a break below the lower border of the uptrend channel.

EUR/JPY: inside bar will show the way

On the daily chart, EUR/JPY bulls are counting on the break of the upper border of the descending trend channel and advance to 88.6% target of the “Shark” pattern.

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