EUR/JPY: a “Shark” pattern

EUR/JPY: a “Shark” pattern

Information is not investment advice

EUR/JPY has been trading within an uptrend channel since the end of March. The pair is testing levels above the 50-day MA at 125.35 and getting closer to the 100-day MA and the resistance line connecting March highs above 126.00.

The pair will likely be able to rise from the current levels and test resistance. The area between 125.85 and 126.00 will be attractive for selling given the “Shark” pattern that is formed on the chart.

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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