Clearly defined support/resistance zone in EURJPY around 136.00 level. 136.00 has held as either support or resistance since May 2014.
There is also another interesting chart pattern developing. And it is the inverted head & shoulders formation. Right now, EURJPY is trying to form the right shoulder. Sometimes, right shoulders take a long time to form. Because the market is battling it out. Bulls would want to make the right shoulder form. Bears would try to push EURJPY down below 135.70 to negate the inverted H&S pattern.
Lets see who shall win. In the meantime, go with the bulls to anticipate the formation of the right shoulder. Enter a long position at 136.00. This is the 88.6% FIB retracement.
Long EURJPY 136.00-10
SL 135.50
TP1 138.00
TP2 139.00
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There is also another interesting chart pattern developing. And it is the inverted head & shoulders formation. Right now, EURJPY is trying to form the right shoulder. Sometimes, right shoulders take a long time to form. Because the market is battling it out. Bulls would want to make the right shoulder form. Bears would try to push EURJPY down below 135.70 to negate the inverted H&S pattern.
Lets see who shall win. In the meantime, go with the bulls to anticipate the formation of the right shoulder. Enter a long position at 136.00. This is the 88.6% FIB retracement.
Long EURJPY 136.00-10
SL 135.50
TP1 138.00
TP2 139.00
=====
www,ForexPositive.com
Twitter ForexPositive
=====
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.