EURJPY: Inverse H&S completed!

In our last technical comment on the EURJPY pair, we have studied the movements of the pair from classical point of view, when we said the right shoulder of an inverse head and shoulders pattern was under-construction.

eurjpy-fxcomment-02-06-2015

The Pair didn’t reach the full technical target of our caught harmonic formation, but retraced from 38.2% Fibonacci of BC leg instead of 50%.

However, we said “the harmonic 5-0 formation is bullish” and thus, the pair has responded to the classical daily studies, moving sharply upwards.

Currently, we can see stable move above the neckline of the classical pattern, which should be protected by the neckline areas.

Longs are preferable as far as 136.50 support regions hold, while soft targets of the structure resides at 145.00 boundaries.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

You have to be logged in to comment.