EURJPY Forecast: The bottom has not been seen yet
We have reached our sub-target level at 119.00 and waiting for 114.300.
There is no change in the fundamental outlook of the pair. As we have written in our long term forecast published in February, Euro remains weak and Yen gets demand.
You can read our previous forecast: EURJPY Long Term Forecast For The Members
On the weekly chart, we see the pair broke the triangle. A bearish continuation is likely. As we have mentioned in our long term forecast, our next target level is 114.300.
Daily Chart, Bullish Alt Bat pattern is still in play. However, the price has already made a correction and headed South again.
On the H4 Chart, the pair is printing a bearish breakout pattern. The first short entry opportunity is the breakout of the triangle at 117.500. Near term targets of this pattern are 117.100 116.800 116.400. The structural target of the pattern is 114.450.
Another short opportunity is to sell the potential pullbacks.
We see two different major bearish patterns. Bearish Shark and Bearish Swan patterns would be validated if the price breaks above 118.500.
I will publish the details of the bearish harmonic patterns later.
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