EUR/JPY is going north

EUR/JPY is going north

Recommendation:

BUY 133.25 SL 132.7

TP1 134.25 TP2 136

BUY 134.5 SL 133.95 TP 136

On the daily chart, EUR/JPY keeps trading within an uptrend and junior and senior AB=CD. Their 161.8% and 224% targets are near 136. The recent resistance at 133.50 acts as support.

EURJPY1.png 

On H1, EUR/JPY formed the “Widening wedge” pattern. A break of the lower border of an uptrend channel and triggering of the “Shark” pattern will increase the risks of correction towards 133.25. On the other hand, renewal of October low will allow bulls to keep pushing the pair higher.

EURJPY2.png

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