EUR/JPY: the pair plans its further movements

EUR/JPY: the pair plans its further movements

Recommendation:

BUY 130.1 SL 129.55 TP1 131.1 TP2 132.45 TP3 133.15,

SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 124.5

On the daily chart of EUR/JPY, the consolidation as a part of the "Broadening Wedge" and "Shark" patterns' implementation continues. Bears plan to reach the 88.6% target of the "Shark" pattern. Bulls, in their turn, hope that the break of the resistance near the 130 mark will push the pair up. 

eurjpy_d.png

On H1, the "Spike and Ledge" pattern is implemented. If the pair moves out of the "ledge" between 127.55 and 130.1, the risks of the fall towards the 88.6% target of the "Bat" pattern and the 161.8% target of the AB=CD pattern will increase. 

eurjpy_60.png

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How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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