EUR/JPY Technical OutlookIntermediate-term pattern decrease to renewCorrective sequence on 4-hr triggeringEUR/JPY Technical Outlook: Downtrend Set
EUR/JPY Technical Outlook
- Intermediate-term pattern decrease to renew
- Corrective sequence on 4-hr triggering
EUR/JPY Technical Outlook: Downtrend Set to Resume
The bounce in EUR/JPY appears to be like to be coming to an finish, with a wedge on the 4-hr chart beginning to give-way. Most of these ascending wedges inside the context of a downtrend point out a scarcity of conviction and act as corrective patterns.
Shorts initiated right here might look to set their cease sufficiently above final week’s excessive at 13056, whereas initially focusing on the newest swing-low at 12859 and the 200-day which is in confluence at 12862. From a present worth of simply over 13000 that might quantity to a solidly skewed danger/reward ratio.
Ought to worth decline to help, merchants might need to take earnings or at the least take partial earnings and implement a trailing cease technique if momentum appears to be like set to push in direction of a brand new swing-low beneath help.
EUR/JPY Each day Chart
EUR/JPY 4-hr Chart
EUR/JPY Charts by TradingView
Sources for Foreign exchange Merchants
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—Written by Paul Robinson, Market Analyst
You’ll be able to observe Paul on Twitter at @PaulRobinsonFX
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