EURJPY: I've been talking about this MULTI-YEAR WEDGE PATTERN on EURJPY, last week we saw price break above with a weekly close above the Multi-Year PATTERN at the 3rd touch of the resistance ray, this is really going to be a big one if it's not a false break, maybe it's trading wise to expect the kind of rally we saw on GBPJPY since the break above the Multi-Year descending triangle in January which had produced over 700pips rally to the upside.
I will be looking out for price action at the retest of the resistance ray of the WEDGE PATTERN @ 129.90 zones, any continuation pattern will zeal the breakout, the target will be at the next level of resistance @ 133.00, @ 137.00 going forward as the case may be.
WHILE a rotation lower maybe a daily close below 129.90 will signal a false break, send the price lower exposing @ 127.50 zones.
I will be looking out for price action at the retest of the resistance ray of the WEDGE PATTERN @ 129.90 zones, any continuation pattern will zeal the breakout, the target will be at the next level of resistance @ 133.00, @ 137.00 going forward as the case may be.
WHILE a rotation lower maybe a daily close below 129.90 will signal a false break, send the price lower exposing @ 127.50 zones.