EURJPY Falling Wedge
EURJPY is forming a possible falling wedge (reversal pattern) and is also currently on a strong supportive trendline, presenting a good opportunity to look for a long position. The safest way to approach this trade would be to wait for a break and retest of the counter-trendline (the top of the falling wedge) due to the euro's recent weakness. Traders are advised to use pending orders to manage their risk. A stop loss can be placed a few pips below the supportive trendline.
Price should be monitored at the supportive trendline, waiting for price to become bullish on a 1H/4H timeframe.
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Price should be monitored at the supportive trendline, waiting for price to become bullish on a 1H/4H timeframe.
Be sure to follow me for more ideas and analyses. Leave a like if you agree with the idea and leave a comment with your thoughts below.
Best of luck traders!
Note
EURJPY played out well from the supportive trendline and broke the resistive trendline. Traders who opened buys at the supportive trendline can now move their stop loss into profit and hold, or take profits it they are happy. Best of luck traders!
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