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EURJPY Forecast: The bottom has not been seen yet

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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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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