EUR/JPY: will the pin bar scare sellers?

EUR/JPY: will the pin bar scare sellers?

Recommendations:

BUY 130.90 SL 130.35 TP1 131.90 TP2 132.60 TP3 133.00

SELL 129.15 SL 129.70 TP1 128.15 TP2 127.50 TP3 123.90

On the daily chart of EUR/JPY, a successful break below the lower border of the 129.15-132.15 consolidation range will trigger AB=CD pattern with a target at 200%. On the other hand, a pin bar and exit outside of the downtrend channel will allow bulls to counterattack.

EUR1.png 

On H1, a break of the diagonal resistance with the following successful test of 131.4 will trigger a “Bat” pattern. Its 88.6% target is at 133.

EUR2.png

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