EURJPY price action. An ascending channel is a technical pattern in which the price moves upward within the confines of two parallel trendlines. Traders often use channels to identify potential trading opportunities.
In this case, with the price reaching a resistance level in the range of 159.761 to 159.324, you may be observing a potential reversal or consolidation. Traders typically watch for price action near resistance levels for signs of a reversal, such as bearish candlestick patterns or a break below the lower trendline of the ascending channel.
Resistance Zone 159.741
Support 154.00
Additionally, setting specific price targets is a common practice in trading and investing, but it's crucial to base your decisions on a well-thought-out trading strategy that considers factors like risk management, market analysis, and the asset's fundamentals. Always be mindful of your risk tolerance and have a clear plan for both entry and exit points in your trades.
In this case, with the price reaching a resistance level in the range of 159.761 to 159.324, you may be observing a potential reversal or consolidation. Traders typically watch for price action near resistance levels for signs of a reversal, such as bearish candlestick patterns or a break below the lower trendline of the ascending channel.
Resistance Zone 159.741
Support 154.00
Additionally, setting specific price targets is a common practice in trading and investing, but it's crucial to base your decisions on a well-thought-out trading strategy that considers factors like risk management, market analysis, and the asset's fundamentals. Always be mindful of your risk tolerance and have a clear plan for both entry and exit points in your trades.
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.