A very nice set up presenting itself for the EURJPY. We are at a very important flip/support zone after a prolonged downtrend with multiple swings.
Here we seem to be exhausting the down trend, and are forming a basing pattern here a double bottom/range.
Nothing is confirmed until we get the break and close above the 120.40 zone. A set up we are watching for the week ahead. Perhaps not worth entering and holding over the weekend given all the things going around the world, specifically the coronavirus, with a headline easily creating a move into safe haven currencies like the Yen.
If we get the break and close above, then the next flip zone is above at the 121.45 zone which would be our first take profit level.
Here we seem to be exhausting the down trend, and are forming a basing pattern here a double bottom/range.
Nothing is confirmed until we get the break and close above the 120.40 zone. A set up we are watching for the week ahead. Perhaps not worth entering and holding over the weekend given all the things going around the world, specifically the coronavirus, with a headline easily creating a move into safe haven currencies like the Yen.
If we get the break and close above, then the next flip zone is above at the 121.45 zone which would be our first take profit level.