Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (119.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a downtrend and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The...
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Price is at a KL area and has formed a falling wedge pattern which is suggestive of reversal soon.
Will wait for the 1st correction and then enter LONG (this is confirm my bias of LONG as valid and act as an added confluence)
The 2 corrections are:
Forming a hover below the TL or above the channel
EURJPY is currently going short and is likely to go further short at least till the marked line below Support (S1) point. This is due to Yen gaining the price momentum
