EURJPY Approaching Channel Up top. Bearish signal.
The EURJPY pair is very close to our 168.000 Target that we set on our last analysis (December 13 2023, see chart below):
That is at the top of the 2-year Channel Up that started on the March 07 2022 Low. Technically after that, it calls for a short-term trend-reversal. As a result we modify the bullish Target to 167.400 and then will go for a short-term sell, targeting 164.500.
This is because we have identified a short-term RSI bearish divergence pattern, which when the RSI in on Lower Highs and the pair on Higher Highs (i.e. Bearish Divergence), the price rises to the 2.0 Fibonacci extension and then pulls back to the 1.0.
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That is at the top of the 2-year Channel Up that started on the March 07 2022 Low. Technically after that, it calls for a short-term trend-reversal. As a result we modify the bullish Target to 167.400 and then will go for a short-term sell, targeting 164.500.
This is because we have identified a short-term RSI bearish divergence pattern, which when the RSI in on Lower Highs and the pair on Higher Highs (i.e. Bearish Divergence), the price rises to the 2.0 Fibonacci extension and then pulls back to the 1.0.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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