The price of EURJPY could be forming a breakout opportunity on the H4 time frame. Will this see price trade lower?
Watch the video to learn more…
The price of EURJPY has been in a long term upward trend from the beginning of 2020. This has seen the price reach a key highs of 148.00 which had formed in 2014. Price is currently rejecting these highs which could see the price trade lower in the short term.
The weekly time frame highlights the upward trend the price was in as it formed a bullish channel. Within this the daily chart formed a pullback phase after the price tested the 148.00 highs. This can be seen in the daily bearish channel with the price recently rejecting the channel trendline highs.
On our H4 Chart or our trading time frame we can see the price rejecting the highs of the channel as well as breakout out of the counter trend trendline and overall market pattern. This could be an opportunity for traders wanting to be short to get short. Targets will be the previous swing lows which currently sit at 142.75.
Did you see our GOLD Analysis? You can see it here.
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