Potential Bull flag on the long term EUR/JPY chart implies this one has legs to run further.
The recent move lower by the Japanese Yen is gaining traction. Not only has EUR/JPY recently broken above its very long term downtrend from 2008, but the is looks well-placed to break higher from a bullish consolidation pattern, This looks to us like a potential bull flag. Bull flags are well documented continuation patterns and you use the flag pole to offer a target zone, which in this particular case suggests scope to challenge the 149.79 2014 high longer term (en.wikipedia.org/wik...and_pennant_patterns).
Dips should find initial support at 130.74/46, the September highs and 129.57, the 20 day ma ahead of 128.55, the previous downtrend and we regard the 127.94/50, August and September lows and the February 2019 high as a floor for the market.
Interested in learning more about technical analysis?? Take a look at the STA journal.....https://issuu.com/societyoftechnicalanalysts/docs/singles_-_market_technician_issue_91_sep_2021_1
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The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
The recent move lower by the Japanese Yen is gaining traction. Not only has EUR/JPY recently broken above its very long term downtrend from 2008, but the is looks well-placed to break higher from a bullish consolidation pattern, This looks to us like a potential bull flag. Bull flags are well documented continuation patterns and you use the flag pole to offer a target zone, which in this particular case suggests scope to challenge the 149.79 2014 high longer term (en.wikipedia.org/wik...and_pennant_patterns).
Dips should find initial support at 130.74/46, the September highs and 129.57, the 20 day ma ahead of 128.55, the previous downtrend and we regard the 127.94/50, August and September lows and the February 2019 high as a floor for the market.
Interested in learning more about technical analysis?? Take a look at the STA journal.....https://issuu.com/societyoftechnicalanalysts/docs/singles_-_market_technician_issue_91_sep_2021_1
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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