This double bottom could be one of our first signs that price is rejecting this support zone and wants to start buying. If price does not breakout of this zone we may see price buy back to the blue trend line. However, if price breaks below this support zone, look out for a retest on a lower time frame before taking sells.
Note
EURJPY has continued to consolidate and will eventually breakout of this range. There is a high probability that we could get a bullish move next. However, box in price with an alert on either side so that you would be able to catch the breakout on whichever side price decides to push next.Trade closed: target reached
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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.