Long-term review
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Daily
After the EUR/JPY pair had consolidated above the correctional level 50.0% - 102.76 of Fibonacci and a bullish morning star pattern had been formed the rate continued its growth. A bearish shooting star pattern had been built but we could not see a swing at the yen. Thus, the growth may continue towards the level of correction 61.8% - 104.79 of Fibonacci. Either a rebound from the correctional level of 50.0% or a formation of a new bullish candlestick pattern may be observed; it gives a chance to consider the possibility that the growth continues. The consolidation of the EUR/JPY pair under the level of 50.0% of Fibonacci enables the rate to drop towards the correctional level 38.2% - 100.72 of Fibonacci.
4h
On the 4H chart EUR/JPY formed both bullish and bearish patterns on Friday. A bearish engulfing pattern allowed the pair to consolidate under the correctional level 23.6% - 103.41 of Fibonacci on Friday. It provides a possibility for the rate to resume the rate’s drop towards the level of correction 38.2% - 102.69. If the EUR/JPY pair consolidates above the level of 23.6% of Fibonacci, then it enables the pair to rebound towards the euro and start the growth towards the level of correction 0.0% - 104.58. A formation of a bullish candlestick pattern increases the possibility that the pair consolidates above the level of 23.6% of Fibonacci.
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