EURJPY POSSIBLE SETUPS

14 ก.พ. 2021

Price was technically in an UPTREND through 2020, price is now approahcing 12years DOWNTREND LINE extending from 2008, with resistance ray coming around 130.00
Price is now finding a pivot from the horizontal resistance @ 127.60 which has been holding since 2019.

Talking about EURJPY the sight of patterns like WEDGE, HEAD&SHOULDER and the likes are actually telling something interesting is about to happen, giving us edge to ride cool cool impulse move.

On the lower timeframe 4H and 1h chart, we've this indicated WEDGE PATTERN inside which price been trading for about 6 weeks now, break out to either side of the WEDGE in place will signal the next direction of the pair.

In my opinion, with the UPTREND through 2020, a break above the wedge pattern will possibly take out the horizontal resistance @ 127.60 and set price higher for the proper retest of the trendline resistance ray coming around 130.00, while we lookout for more price action when price eventually get there.

While a break below the WEDGE PATTERN will set price lower exposing the retest of the support level coming around 125.10.

15 ก.พ. 2021

บันทึก

Just like I said over the weeekd a break above the WEDGE PATTERN will definitely take out the horizontal resistance zone @ 127.60 which has been holding since 2019.
I will be looking out for a proper retest of the resistance been treated as new support to set price higher, with target @ 130.00 and possibly is about time to take out the 12years DOWNTRENDLINE extending from 2018, or in general we will wait for price action in the zone.