EURJPY: Is the price going BACK to its MAIN CHANNEL?
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🟢Forex Pair:
EUR/JPY
⚪Technical Analysis:
In the weekly time frame, since May 2020, the price has been moving following an interesting uptrend, bouncing few times on its dynamic support trendline.
It seems is creating a rising wedge pattern.
In the daily time frame, at the beginning of November 2020, the price got a strong impulse on the dynamic support line, pushing the price up in a clear uptrend until it reached its dynamic resistance line.
It has currently re-testing a daily R/S zone and there is good chance to see the price growing more.
In the h4 time frame, the price broke through its ascending channel on the 14th of January 2021, getting a strong rejection once it reached the support level at about 125.000.
The 22nd of January the price finally broke its resistance zone at about 126.125 and it has currently re-testing the same level.
🔴Conclusion:
The price has just reached the daily support zone at 126.000 and there is a possibility to see a rejection on its ema 200.
I'm confident to see the price growing more and eventually continuing inside its previous channel.
I'll be waiting for the next session to entry long in this trade!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/JPY
⚪Technical Analysis:
In the weekly time frame, since May 2020, the price has been moving following an interesting uptrend, bouncing few times on its dynamic support trendline.
It seems is creating a rising wedge pattern.
In the daily time frame, at the beginning of November 2020, the price got a strong impulse on the dynamic support line, pushing the price up in a clear uptrend until it reached its dynamic resistance line.
It has currently re-testing a daily R/S zone and there is good chance to see the price growing more.
In the h4 time frame, the price broke through its ascending channel on the 14th of January 2021, getting a strong rejection once it reached the support level at about 125.000.
The 22nd of January the price finally broke its resistance zone at about 126.125 and it has currently re-testing the same level.
🔴Conclusion:
The price has just reached the daily support zone at 126.000 and there is a possibility to see a rejection on its ema 200.
I'm confident to see the price growing more and eventually continuing inside its previous channel.
I'll be waiting for the next session to entry long in this trade!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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