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EURJPY: Entry LONG NOW on this great TREND CORRECTION!

Long
FX:EURJPY   Euro / Japanese Yen
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🟢Forex Pair:
EUR/JPY

Technical Analysis:
In the weekly chart, since May 2020, the price has been following an interesting uptrend, creating a possible ascengind triangle pattern . The price during the actual weekly session is approaching to reach the dynamic S/R level of its pattern.

In the daily chart , since the beginning of January, the price has been following a clear downtrend, after a strong negative impulse and it actually reached a daily S/R area at about 125.044.

In the H4 time frame the price finally broke a really interesting ascending channel , breaking through the daily support at 126.000 and it actually reached the main S/R level .
The next price action around this zone will be essential to understand the next market movement.

🔴Conclusion: ✔️
The price defintely got a strong negative impulse, reaching an important S/R level just around the main weekly trendline.
I'm confindent to see the price getting a clear trend correction trying to reach and retest the previous S/R level at about 126.000.
I'll be waiting for a proper rejection on the current support level before planning my long position.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

Please note the views are not investment advice and should be used only for educational purposes

Trade Safe and Responsibly,
Gianni

Trade closed: target reached: Trade closed with +72 Pips (+0.58%)✔️
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Comments

Fantastic job here... As usual
+2 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, thanks so much Rich, really appreciate!
Reply
good job mate
+1 Reply
FXtrades-gp DACapitalTrading
@DACapitalTrading, Thanks for your support! :)
Reply
Yes +++ Nice one !
+1 Reply
@FOREXN1, many thanks guys! really appreciate!
Reply
Similar thoughts...All the best!!
+1 Reply
@abel11, and good luck as well! ahah thanks abel! :)
Reply
nice chart .. potenial good support area
+1 Reply
FXtrades-gp Babenski
@Babenski, Let's see! thanks for your feedback! :)
Reply
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