EURJPY 1H - Wedge inside a Channel - Break-out soon
Ascending Wedge forming inside of a Descending channel . Wedges can break up or break down, so I'll enter after the body of a candle closes outside the wedge . As the wedge is drawn body to body and I don't want to to be caught out by a fake out so no pending orders being placed.
RSI is being held up by trendline support and down by resistance at 60 forming a triangle. Break-out soon.
A break up would signal that the major support has held and double bottom is forming on the daily. As mentioned in yesterdays tweets, I won't be playing the double bottom if price breaks up. A break-down of the wedge should take price further than 125.20, but there are support areas around 125.30 that so TP1 is placed at 125.40.
RSI is being held up by trendline support and down by resistance at 60 forming a triangle. Break-out soon.
A break up would signal that the major support has held and double bottom is forming on the daily. As mentioned in yesterdays tweets, I won't be playing the double bottom if price breaks up. A break-down of the wedge should take price further than 125.20, but there are support areas around 125.30 that so TP1 is placed at 125.40.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.