EUR/JPY: yen is trying to win

EUR/JPY: yen is trying to win

Recommendation:

SELL 128.9

SL 129.45

TP1 127.9 TP2 127.45 TP3 125.7

On the daily chart of EUR/JPY, bears managed to form “Shakeout-Fakeout” pattern and lead the pair out of the medium-term consolidation range of 129.15-132.15. As a result, the pair triggered AB=CD pattern. Its 127.2%, 161.8% and 200% targets correspond to 127.45, 125.7 and 123.85. Resistance is near 128.9-129.15.

EUR1.png 

On H1 of EUR/JPY, there’s a downtrend. Bears are dominating at the market, so pullbacks may be used for selling.

EUR2.png

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