EURJPY- Wedge Resistance At 150
EURJPY is back a the highs as expected, as we talked about in our past updates when recognizing a wave (B) retracement which belongs to a higher degree wave 5 of an ending diagonal. An ending diagonal is a special type of reversal pattern that occurs at the end of the trend. It has a wedge shape which suggests that despite higher prices bulls are not that strong anymore. As such, we should be aware of a limited upside here at the upper line. If it holds, and the price turns back to 140 in weeks ahead, then we think that an important bearish reversal will unfold.
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