themarketzone

Several patterns to monitor

FX:EURJPY   Euro / Japanese Yen
$EURJPY recently broke out of its downtrend line (red dashed line).
Since then it created a bearish harmonics pattern (Yellow Gartley ) that reached first target zone, but more important, pushed the price below its recent uptrend line.
135-135.5 is a strong support zone and possibly the neck line of a Head & Shoulders pattern.

SMA's analysis shows the resistance of two SMA lines above the current price level (200 SMA and Fast SMA line) and the 50 SMA ling moves towards the price as support. The lines movement suggests that the price is probably heading towards a bullish reversal and the support zone mentioned above could be the zone the monitor.

The bullish upside potential is the completion of the bearish Gartley shown in red.

135.5 is the critical zone here.
If it'll hold as support - Possible rally towards pattern completion
If it'll break - Trigger for H&S pattern with 134 as potential target
Worked out like a charm
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