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