EUR/JPY Bearish ABCD Pattern in Progress

February 24, 2017 12:11

The EUR/JPY has been in downtrend since end of January and the drop is validated by bearish ABCD pattern . At this point we can see a confluence within 119.45-65 zone (inner trend line, ATR high, 38.2) and the pair might reject from the zone targeting 118.60 and 118.20. Weekly chart also supports bearish price action so we might see drop on EUR/JPY in days to come. Ideally the pair should hold below 120.30 for this scenario to be valid.

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