It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
EUR/JPY: uncertainties around the euro
SELL 129.2 SL 129.75 TP1 128.2 TP2 127.2 TP3 125.6
BUY 130 SL 129.45 TP1 131 TP2 132.15 TP3 135.9
On the daily chart of EUR/JPY, bulls and bears are fighting for the upper boundary of the downward channel. If the bears are stronger, the pair will move to the 88.6% target of the “Shark” pattern. Vice versa, if bulls succeed, the pair will reach targets of the “Bat” pattern.
On H1, the further direction of the pair will depend on the retest of the resistance at 129.2. In case of the rebound, the pair will keep sharply declining to the 88.6% target of the “Shark” pattern. A break of the resistance will increase odds of the “Shakeout-Fakeout” pattern.
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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