EUR/JPY Trend Analysis: Wedge or Channel?!
hello dear traders!
So, here's the deal: we have two possible scenarios for the price movement of the EUR/JPY pair. The first scenario seems to be more likely, in which the price has reached the top of a wedge pattern and a horizontal resistance level at the same time. If this happens, it's possible that we might see a bearish trend from this area.
Now, the second scenario is also a possibility, but it seems less likely than the first one. According to this scenario, the price will reach the top of a channel pattern, which is marked with green lines, and then start bearish trend.
***NOTE: To make a decision about trading, it's a good idea to wait for the daily candle close to confirm the direction of the trend.
So, here's the deal: we have two possible scenarios for the price movement of the EUR/JPY pair. The first scenario seems to be more likely, in which the price has reached the top of a wedge pattern and a horizontal resistance level at the same time. If this happens, it's possible that we might see a bearish trend from this area.
Now, the second scenario is also a possibility, but it seems less likely than the first one. According to this scenario, the price will reach the top of a channel pattern, which is marked with green lines, and then start bearish trend.
***NOTE: To make a decision about trading, it's a good idea to wait for the daily candle close to confirm the direction of the trend.
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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.
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.