19 Jan 2016

A POSSIBLE BEARISH PENNANT ON EUR/JPY

EUR/JPY H4 

The rate is stuck in a consolidation pattern just above the major support at 127.00. With the preceding downtrend and a failure to push higher I am looking at this as a bearish pennant pattern.

I am looking for a break below 127.00 which would then open up a way towards the 61.8% and 100% breakout targets at 126.00 and 124.10 accordingly.




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