TipTVFinance

EUR/JPY - A case for bearish bat pattern

FX:EURJPY   Euro Fx/Japanese Yen
Yen has been offered across the board after Japanese PM Abe             said more stimulus is coming. The stimulus talk was enough to push the oversold Yen pairs higher. EUR/JPY             witnessed a sharp recovery from the low of 111.068 to 113.50 levels.

The recovery when viewed against the backdrop of a fresh Japanese stimulus tells me the pair could move to Point D located at 120.54 and complete a bearish bat pattern over the next two months or so.

Point D is the reversal point, which means one may expect fresh offers to hit the pair after it nears 120.54 levels.

The pattern would become invalid if prices see a intraday break below point C = 110.824
B point should be at 0.50 retracement pal. You sure you meant bat patter?
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TipTVFinance Tiberious
AB should be 38.2% to 50%
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