EUR/JPY: let's trade the cross pair

EUR/JPY: let's trade the cross pair

2019-11-11 • Updated

Recommendation:

SELL 126.55

SL 127.1

TP1 125.55 TP2 124.75 TP3 123.5 

On the daily chart of EUR/JPY, the pair keeps reaching targets of the "Broadening wedge" pattern. A break of resistances at 129.95 and 131.15 will increase odds of the longterm uptrend's recovery. Vice versa, a successful test of supports at 126.55 and 125.75 will pull the pair down. 

eurjpy_d.png

On H1, there is a high possibility of the implementation of the "Spike and ledge" pattern within 127.55-129.55. If the pair leaves this range, the further direction of the pair will depend on the strength of bulls and bears. Bulls can hope for an implementation of the "Bat" pattern, bears can hope that the pair will reach the 200% target of the AB=CD pattern.

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