EURJPY has been in a longer term uptrend.
Sentiment continues to be bullish , with price well above the Kumo, and Chikou Span in clear open space.
Within the last 2 weeks the remaining 4 Ichmoku lines have become flat, suggesting the pair is about to enter consolidation.
Price in the current uptrend has made corrections when volatility > 2.5 ATR. Such is the case for the present weekly close.
Major Resistance lies above
1. The Fib Equal Extension of the major swing low of Feb 2022 = 1.4390
2. The Swing high of 2013. = 1.4470
What will the following week bring ?
It would be reasonable to expect consolidation of price below 1.4470 .
After this. price retesting the short term equilibrium of 138.50
Sentiment continues to be bullish , with price well above the Kumo, and Chikou Span in clear open space.
Within the last 2 weeks the remaining 4 Ichmoku lines have become flat, suggesting the pair is about to enter consolidation.
Price in the current uptrend has made corrections when volatility > 2.5 ATR. Such is the case for the present weekly close.
Major Resistance lies above
1. The Fib Equal Extension of the major swing low of Feb 2022 = 1.4390
2. The Swing high of 2013. = 1.4470
What will the following week bring ?
It would be reasonable to expect consolidation of price below 1.4470 .
After this. price retesting the short term equilibrium of 138.50