As long as we hold the 135.14 area (38% fib pullback), we should see another round of sharp, unexpected buying. The projection (black line) shows it will take approximately 2 days to reach our final target, which is about 320 pips from our current location.
Everyone has been caught with the Gorgeous Head and Shoulders pattern, until they broke the right shoulder. The large retracement here caught early longs off guard and probably caused them to exit. Plus, EUR/JPY raked in some serious shorts with the burst downward.
There are going to be LONG and SHORT opportunities all the way up. Overall Long Targets are as follows:
Target 1: 135.77 *hit 6/1/2015
Target 2: 135.93 *hit 6/1/2015
Target 3: 136.38 *hit 6/1/2015
Target 4: 137.19 **hit 6/2/2015
Target 5: 138.50 **hit 6/2/2015
*updated 6/1/2015 7:36am
**updated 6/2/2015 7:45am
Everyone has been caught with the Gorgeous Head and Shoulders pattern, until they broke the right shoulder. The large retracement here caught early longs off guard and probably caused them to exit. Plus, EUR/JPY raked in some serious shorts with the burst downward.
There are going to be LONG and SHORT opportunities all the way up. Overall Long Targets are as follows:
Target 1: 135.77 *hit 6/1/2015
Target 2: 135.93 *hit 6/1/2015
Target 3: 136.38 *hit 6/1/2015
Target 4: 137.19 **hit 6/2/2015
Target 5: 138.50 **hit 6/2/2015
*updated 6/1/2015 7:36am
**updated 6/2/2015 7:45am