Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 EURJPY has been overall bearish, trading within the falling flat wedge pattern in red.
Currently, EURJPY is approaching the upper bound of the channel acting as a non-horizontal resistance.
Moreover, it is retesting a demand zone marked in green.
🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the upper red trendline and green demand zone.
📚 As per my trading style: As #EURJPY approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
The resistance zone, aligning with the trendline, indicates bearish momentum. It's possible that a rejection from this level might signal a double top pattern, potentially leading to a price drop. I'll keep an eye on it.
TheSignalyst
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@ICmarkets thank you ICmarkets for the comment 🙏 yes agree