With the formation of the double top done,we should expect some downside momentum as EURJPY is about to break out of the arch formation of the ascending channel
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (126.75). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...
EURJPY has the perfect setup for the long side almost forming consolidation to the move to the upside. All need the risk management with 1-2% of the total account for a nice risk entry, for the potential move to the upside.
EURJPY
would recommend a buy position in this pair. after a good bull run it has retraced well to .618 fibo levels and consolidated before running and currently given a breakout from the pole n flag pattern. will be a great add for 160 pips with a stop loss near 123.5 (4H closing basis) . if the fall is hard then also consider one hour closing basis.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (124.45). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Price forming A - triangle pattern and it will break 125 to reach the target of 128 which is the 2019 resistance level, price has all chances to break this level and move further up.
If you find my analysis helpful . . . . . Please show your support by hitting 👍 LIKE button,
Your Support is very much 🙏 appreciated!
