EUR/JPY: yen is preparing another attack

EUR/JPY: yen is preparing another attack

Recommendation:

SELL 129.15

SL 129.70

TP1 128.30 TP2 127.95 TP3 127.45

On the daily chart, EUR/JPY pulled back after reaching 78.6% target of a Gartley pattern. Bulls want more and are ready to move to 88.6% target of the “Shark” pattern, but bears have other plans. They are counting on the formation of a “Bat”.

EURJPY1.jpg 

On H1, EUR/JPY keeps forming a “Spike and reversal with acceleration”. A successful test of the trendline of the initial stage will trigger AB=CD pattern.

EURJPY2.jpg

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