Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Will EUR/JPY go up?
Recommendations:
SELL 132 SL 132.55 TP1 131 TP2 130.3 TP3 130
BUY 133.05 SL 132.5 TP1 134.05 TP2 135.05 TP3 136.3
On the daily chart for EUR/JPY the “Broadening wage” pattern was activated. The update of September maximum will allow bulls to continue moving towards target at 88.6% following the “Bat” pattern. On the other hand, buyers’ inability to reach this target may intensify the risks of a slump.
On the H1 chart for EUR/JPY “Spike and ledge” and “Spike and reversal with acceleration” patterns are visible. Breaking the upper border of the consolidation range between 132.00 and 133.05 will make the price move upwards. If the price crosses the resistance at 132.00, the risk of correction will be possible.
Ivan Karamazov
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