FXtrades-gp

EURJPY: Is the price BACK to its ASCENDING CHANNEL?

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

Technical Analysis:
Since December 2020, the price has been following a clear ascending channel , bouncing many times on its dynamic S/R line.
On the 14th of January 2021, the price broke through the channel, collapsing down until the main weekly trendline.
It re-tested few times the same trendline before moving up again with a strong bullish impulse.
Few days ago the price reached an important resistance zone , getting a really quick rejection. It's currently on the level 126.500, re-testing its previous ascending channel .
The next price action will be essential to understand the next market movement.

If you would like to have a quick look on my previous EURJPY analysis, click the link below:

🔴Conclusion:
In the daily perspective, the price is following a rising wedge and a couple of weeks ago it reached its dynamic trendline.
The price is actually moving with a bullish impulse and I'm confident to see now a new rejection on the support zone at about 126.500 and a new bullish impulse until the next resistance zone at about 127.300.
I'll be waiting the next few h4 sessions before planning my long position on this trade.

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

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Comments

Bravo
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, thanks a lot man! :)
Reply
Love it man
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, many thanks!
Reply
amazing Gianni! well
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, thanks Rich!
Reply
Good job mate! Thanks
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, you're welcome Mahtab!
Reply
i agree with this setup
+1 Reply
FXtrades-gp jodialfestus
@jodialfestus, I'm glad to hear that! are you enjoying my others analysis? :)
Reply
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