Today we’re returning to the EURJPY as the price continues to trade in its ascending triangle price pattern.
Looking at the daily we can see clearly that price: remains in an uptrend, and continues to trade in an ascending triangle price pattern.
In trends, these patterns are normally seen as continuation patterns. Price is seen to be charging diagonally before it finally pushes through resistance confirming a new move higher continuing the current trend. Over the last 2 months, EURJPY buyers turned resistance into support not once but twice thanks to the same pattern.
Last week we saw an attempt by buyers to breakout. This move was blocked by sellers and the price failed to hold and fell back inside the pattern. After that sellers made an attempt of their own but this was rejected maintaining the current level of support. Friday last week buyers returned with a strong session. This session maintained the pattern and got this idea back on track.
So far today sellers have been holding sway and the pattern top continues to hold in place. The story remains the same, we’re waiting to see if buyers can break out of the pattern and confirm a new continuation of the current main trend of the EURJPY price.
Disclaimer
This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.
No comments:
Post a Comment