EURJPY 170 Break
EURJPY at 170 is a Key Level and Decision Point for Price Action.
We can see the last major Swing High was on 15th November 2023 at 164.20 , and Swing Low
recorded on 7th December 2023 at 153.
Since then price has rallied in an ascending channel to 175.50. The supporting trendline has
been tested on multiple occasions, the 6th being last Thursday testing 170.
Bullish Case
1. MAV - both the 100 and 200 averages are trending up, with wide separation.
2. Trendline - has not been broken.
3. Sentiment - most retail traders are short (70+ %).
Bearish Case
1. Price - has moved up 22 points without a major correction to a major swing low. All pullbacks have been 4 points.
2. RSI - has moved below 50
3. Candlestick - in prior impulses the second day off the trendline has been a bullish candlestick. The last candle printed on Fri 19th was indecision.
The question then lies in , will 170 hold for this pair.
We can see the last major Swing High was on 15th November 2023 at 164.20 , and Swing Low
recorded on 7th December 2023 at 153.
Since then price has rallied in an ascending channel to 175.50. The supporting trendline has
been tested on multiple occasions, the 6th being last Thursday testing 170.
Bullish Case
1. MAV - both the 100 and 200 averages are trending up, with wide separation.
2. Trendline - has not been broken.
3. Sentiment - most retail traders are short (70+ %).
Bearish Case
1. Price - has moved up 22 points without a major correction to a major swing low. All pullbacks have been 4 points.
2. RSI - has moved below 50
3. Candlestick - in prior impulses the second day off the trendline has been a bullish candlestick. The last candle printed on Fri 19th was indecision.
The question then lies in , will 170 hold for this pair.
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