EURJPY LONG SETUP
EURJPY has been in an UPTREND since May 2020, with several constructive consolidations, breakout following through for trend continuation.
It worth acknowledging the MULTIYEAR WEDGE pattern on weekly and monthly timeframe, this multi_year pattern joins highs from 2008 through 2014, lows from 2012 through 2020 May low.
Price is again approaching the resistance ray of the multi_year WEDGE pattern, about 7 weeks now price is trading inside a range between 128.30 support and 130.67 resistance zone.
Our objective of interest will be a break above or below this range, the UPTREND on the pair is strong and staying constructive, a break above the range resistance will send price higher exposing 132.00, that's where price matches the resistance ray of the multi_year WEDGE pattern, a break above will expose the horizontal level of resistance from 2018 @ 133.00.
While a continuation of price inside the range with any push below the support @ 128.30 will send price lower exposing 125.00
It worth acknowledging the MULTIYEAR WEDGE pattern on weekly and monthly timeframe, this multi_year pattern joins highs from 2008 through 2014, lows from 2012 through 2020 May low.
Price is again approaching the resistance ray of the multi_year WEDGE pattern, about 7 weeks now price is trading inside a range between 128.30 support and 130.67 resistance zone.
Our objective of interest will be a break above or below this range, the UPTREND on the pair is strong and staying constructive, a break above the range resistance will send price higher exposing 132.00, that's where price matches the resistance ray of the multi_year WEDGE pattern, a break above will expose the horizontal level of resistance from 2018 @ 133.00.
While a continuation of price inside the range with any push below the support @ 128.30 will send price lower exposing 125.00
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