EUR/JPY: who will be the loser?

EUR/JPY: who will be the loser?

Recommendation:

SELL 134.95 SL 135.5 TP1 134.3 TP2 133.7

BUY 136.2 SL 135.65 TP 137.2 TP2 138

On the daily chart, EUR/JPY is consolidating in the 135.00-136.40 area. A break of its upper border will increase the odds of advance to 127.2% of AB=CD pattern. The nearest support level is near 134.30.

EURJPY1.png 

On H1, EUR/JPY is retesting the neckline of “Head and Shoulders”. A break below correction low will allow bears to count on the continuation of a pullback. On the other hand, advance above 136.20 will increase the risks of uptrend’s resumption.

EURJPY2.png

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