EUR/JPY TRADING Technique: BEARISH
- Euro could also be forming a high vs Japanese Yen beneath 123.00 degree
- Break of Rising Wedge ground sought as affirmation of reversal
- Repeat of 2-year downtrend dynamics implies transfer sub-111.00
The Euro could also be getting ready tun decrease towards the Japanese Yen following a three-month restoration, resuming a two-year downtrend. The rise has taken the form of a Rising Wedge chart sample, which usually carries bearish implications. A Taking pictures Star candlestick on a check of resistance within the 122.50-66 space coupled with damaging RSI divergence speaks to ebbing upside momentum, which can precede the formation of a high.
Recommended by Ilya Spivak
Traits of Successful Traders
A each day shut beneath Wedge assist – now at 120.51 – would make a compelling case for affirmation of reversal, which merchants could interpret as triggering an actionable promoting alternative. Neutralizing promoting stress in earnest in all probability requires a push above the outer layer of downtrend resistance set from February 2018, which now coincides with the highest of the at 123.30-124.28 inflection…