EUR/JPY: yen is hunting a “Bat”

EUR/JPY: yen is hunting a “Bat”

Recommendation:

SELL 128.50

SL 129.05

TP1 127.7 TP2 127.2 TP3 126.2

On the daily chart of EUR/JPY, bears pulled the pair below an important support at 128.85 (38.2% of the long-term rising wave) and are trying to return it to the descending channel. If they succeed, the pair will likely go to 88.6% of the “Bat”.

EURJPY daily.png 

On H1, EUR/JPY keeps forming a “Bat” with the 88.6% target. If it falls below support at 128.5, bears will count on triggering the AB=CD pattern.

EURJPY h1.png

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On the daily chart, bears tried to form “Three Indians”, 1-2-3 and “Bat” with 88.6% target but failed to bring USD/CAD to an important support at 1.2925.

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