The 4-hour chart of EUR/JPY formed a double top pattern and made a strong sell off.
Now it currently retesting the support of the double top pattern.
The chart is also forming a up channel which could be interpreted as bearish flag too.
As per our analysis,the counter is trading around multiple resistance zones and a strong selling pressure could be...
New trading suggestion:
Price may also reach to suggested resistance line (133.50). if so, traders can set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Midterm forecast:
While the price is below the resistance 133.50, beginning of downtrend is expected.
We make sure when the support at 128.95 breaks.
If the resistance...
We can short EURJPY for the following reasons.
The Primary Wave 2 is completed thus we are potentially seeing wave 3. Wave 3 cannot go higher than wave 2.
The price is also approaching intermediate wave 2 where it should terminate and start wave 3. Again wave 2 cannot go over the area of starting of wave 1.
It is a hat-rick because minor wave 2 cannot cross...
