EURJPY: Correction at early stages
The cross finally pauses the sliding action at parallel support at 127.55. Before retraced to 127.70 levels the cross spotted with a bearish H&S pattern aiming at 126.80 which coincides with the 38.2 fib reaction with resistances seems at 129.60 and 131.40.
Looking through the price action from Jan high’s the price has been sliding in the falling channel. The corrective wave structure marked as A-B-C pointing to 124.90 below this the 50.0% fib reaction exists at 123.50. Overall in the medium-term (Q2), support zone finds between 125.00-123.00 its 100MA (monthly)
Looking through the price action from Jan high’s the price has been sliding in the falling channel. The corrective wave structure marked as A-B-C pointing to 124.90 below this the 50.0% fib reaction exists at 123.50. Overall in the medium-term (Q2), support zone finds between 125.00-123.00 its 100MA (monthly)
Trade closed: target reached
Tested 125.00
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.
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.