EURJPY: Time at mode trend signals
EURJPY is close to flashing an uptrend signal here, maybe in a day or two. If price breaks up forcibly by then, this signal might trigger leading to a rally to the box target on chart, in the time duration of the box or less. Once the target hit, it could be the top, and price come back to today's low area again, in roughly the same time as the box duration is, OR, price could form a new range, and a new box, surrounding the highest activity level from which a new trend signal will take off if price holds up after this rally ends.If that were to be the case, we would be in the presence of a strong trend. For now, trend signals are reversed after they reach their targets, meaning that the market is range bound in the weekly, and daily, and only trending in shorter term periods.
Cheers,
Ivan Labrie.
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