Fxprotrader
Short

EURJPY Price At Key Level - Watch For A Sell Setup

FX:EURJPY   Euro Fx/Japanese Yen
331 2 15
Price has broken a descending triangle , has pulled back and it's now testing the broken level. But we shouldn't going short at the moment. We should watch closer for a sell setup for a safer trade.
Comment: For some reason in my analysis the bottom trandline doesn't appear as it should be. It doesn't look like it connects the bottoms of the structure. The idea though is the same.
Is the idea still valid, or is has it come back to consolidation channel?
Reply
That's right, no more valid as there was no consolidation at that level. the structure now looks like this:
snapshot
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