The EUR/JPY has formed the two important patterns. We should see a bounce from the zone where the arrows is pointing up.
124.60-70 zone could provide a bounce as V shaped reversal has already made a bounce and now we see a retracement. There is a triple confluence in the lower bottom where the arrow is pointing up. Targets for this move are 125.05 followed by 125.20. Final target is 125.50 as the Full ATR projection is slightly above D H3 that stands at 125.35. Partial profit taking is advised close to important above-mentioned levels.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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