EUR/JPY: bears try to regain power
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Recommendations:
BUY 130.50 SL 129.95 TP 131.50
BUY 127 SL 126.45 TP1 128.5 TP2 129.6 TP3 130.50
On the daily chart, bears are trying to counter attack and realize the 1-2-3 pattern. The break of support at 128.50 will increase the risks of correction to the current uptrend. For now, its potential remains limited. The nearest support levels are at 127.75 and 127.00.
On H1, EUR/JPY realized “Spike and ledge” and 1-2-3 patterns. A successful test of resistance at 130.50 will create the potential for the uptrend’s resumption. On the contrary, break of support at 128.50 will trigger the “Bat” pattern.
