VincePrince

EURJPY, Ascending-Wedge-Formation, How It Completes Next!

FX:EURJPY   Euro / Japanese Yen
Hello,

Welcome to this analysis about EURJPY , we are looking at the hourly timeframe perspectives, and as I discovered EURJPY is developing some very interesting formational structures these times that can lead to a major confirmation in the structure and in addition to that a potential trade opportunity to move forward with. As when looking at my chart now we can watch there how EURJPY has moved on establishing this preliminary ascending-wedge-formation marked with the blue boundaries. In this formation, EURJPY has the confirmational wave-count with the waves A to E finalized in the formation and therefore technically the wave-count-completion of this formation-structure. Besides that EURJPY recently also closed deliberately below the 25-EMA marked in red in my chart below which it is consolidating and marking it as resistance. When the supply in the structure increases further in the near future and EURJPY finally breaks out below the lower boundary of the formation this will complete the whole formation and activate downside targets seen in my chart with the blue line at the 129.3 level, once these targets are reached EURJPY needs to show how it continues from there further. For now a completion of the whole wedge-formation should be expected, this can be traded either aggressive with an immediate entry in the formation or conservative with entry after the breakout has shown up, although the aggressive approach is also possible the conservative will be much smarter, it will be an interesting development ahead.

In this manner, thank you for watching my update-analysis about EURJPY and the main ascending-wedge-formation likely to complete and be the origin of downside price-action in the upcoming times, great when you support it with a like and follow or comment for more market insight!

Information provided is only educational and should not be used to take action in the market.
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Comments

Clean chart and detailed analysis. Thanks for sharing your insights.
+1 Reply
VincePrince financialflagship
@financialflagship, Many thanks, this is the goal, EURJPY completed the formation and appoints the targets.
Reply
I am fall in love with your chart
Thank you
+1 Reply
VincePrince MrForex_Global
@MrForex_Global, Thank you, this sounds good, all the best.
Reply
Excellent analysis, appreciate your idea🦐
+1 Reply
VincePrince plancton0618
@plancton0618, Many thanks, EURJPY closed below the lower boundary and completed the wedge as expected, now appointing the target-zones.
Reply
Great outook.Thanks for sharing
+1 Reply
VincePrince OptimoomFX
@OptimoomFX, EURJPY completed the wedge-formation and increased bearishness.
Reply
Nice chart breakdown, keep up the good work!
+1 Reply
VincePrince ForexTrendline
@ForexTrendline, Thank you! Greatly appreciated.
Reply