By Admiral Markets
The EUR/JPY looks like it is forming an inverted head and shoulders pattern- Bullish SHS. The pair is currently sitting between H3 and H4, and there is still room to the upside. POC ( D L3/L4, EMA 89, ATR pivot) 133.18-35 and POC2 (W L3, historical support, D L5,ARE projection low) could reject the price towards higher resistance zones on a retracement. Targets are 134.05 and 134.47. 1h momentum and/or 4h close above 134.50 should open the door towards W H5 135.30. Break below 132.50 and EUR/JPY is bearish.
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Article by Admiral Markets
Source: EUR/JPY Potential Inverted Head and Shoulders on Intraday Charts
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