The right shoulder is now being "built" and is usually a bit lower than the left shoulder. Drew the parallel yellow lines as possible long targets and potential places to go short.
Remember that the most recent EUR/JPY head and shoulders pattern was "broken" and a powerful long followed. This could also apply here as well. We will see how they continue to build this right shoulder. For now, to all those in control of this market, very nice artwork!
also you could look at the last 3 peaks that we have had as a three pattern dive. first with a 1.272 extension along with the second and a 1.618 with the third. Might be bending the rules with that, but its what im playing.
EURObull
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It is quite possible. Just be careful we do not have another "broken" head and shoulders pattern. EUR/JPY has been bullish since mid-March. How far down do you think EUR/JPY is headed?
Saoldric
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initial target of around 131, secondary of around 122.
EURObull
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Wow, that's impressively bearish! Great short from last night. This area we are at right now (133.90's) are incredibly important for future direction. Have a great day and weekend.
Saoldric
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Ive had a long term short bias since the start of the year. imo i think we have already passed the decision point for future short term direction. To me that level was 134.8. Enjoy the beautiful weather ;)
EURObull
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Cool. It's awesome how markets are made, really have a great passion for the charts. Blessed and grateful for the gorgeous weather, thanks so much!