EUR/JPY: yen prefers waves

EUR/JPY: yen prefers waves

Recommendation: SELL 128.45 SL 129 TP1 127.45 TP2 126.75 TP3 126.5

On the daily chart, EUR/JPY is fighting for an important level of 128.85. If buyers win, the odds of triggering “Ideal butterfly” and “Shark” patterns with targets at 127.2% and 88.6% will increase. On the other hand, bears’ victory will allow them to form AB=CD pattern. Its 161.8% target is near 120.7.

EURJPY1.png 

On H1 of EUR/JPY, there’s a bearish “Wolfe waves” pattern. A confident break of support at 128.45 will trigger a “Shark” pattern with targets at 88.6% and 113%.

EURJPY2.png

 

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