EUR/JPY has two kinds of technical pattern right now.
1 triangle breakdown however stop at the Good Support
2 IH&S neckline already broken and reversed down into the triangle
from my view point of wave analysis, ABCDE correction within a larger triangle
is still effective. Then IH&S neckline will be boken once more.
Even if the Good Support will be breakdown, its downtrend will be at IH&S's LS & RS line
Nikita FX ( http://climbingfx.jugem.jp/ )
1 triangle breakdown however stop at the Good Support
2 IH&S neckline already broken and reversed down into the triangle
from my view point of wave analysis, ABCDE correction within a larger triangle
is still effective. Then IH&S neckline will be boken once more.
Even if the Good Support will be breakdown, its downtrend will be at IH&S's LS & RS line
Nikita FX ( http://climbingfx.jugem.jp/ )
isomorph
the H&S you're pointing out is tentative at best. much more important IMHO is the double top. if it pans out, price will go to 137 levels in short order.
Reply
isomorph
also, this is the 5th leg inside the triangle and breakout usually occurs soon thereafter (sometimes 6th but you know what i mean). so double top points down and with 5th leg, i will be looking for entries to play the downside.
Reply