A bearish pitchfork has formed in EURJPY
After completing point 5 the price has attempted to break above the 1.5x-2x channel of the fork in order to violate the set up.
However after breaking this level the price was faded.
The level rejected also coincided with 2 fib levels (2x fib extension from a prior move up and a 0.764 fib retracement level).
If the price reverts back to the median line of this setup which has not yet been violated it could mean a very large pay off for shorts.
As always DYOR
After completing point 5 the price has attempted to break above the 1.5x-2x channel of the fork in order to violate the set up.
However after breaking this level the price was faded.
The level rejected also coincided with 2 fib levels (2x fib extension from a prior move up and a 0.764 fib retracement level).
If the price reverts back to the median line of this setup which has not yet been violated it could mean a very large pay off for shorts.
As always DYOR