On the
daily chart of the EUR/JPY we can see that the last few candles have had small
real bodies with short shadows in both directions. This has created what it
appears to be a Pennant formation. Usually, a Pennant formation acts as a
continuation pattern, where the price continues in the direction where it was
coming from. Therefore, there is a good chance that the price may try to
continue going higher after the current consolidation, but a bullish breakout
will not be confirmed until the price breaks above the 137.00 level. Since the
price may also break to the downside, a bearish breakout will not be confirmed
until the price breaks below the 136.00 level.
Excellent Analysis! The pennant is there.
ReplyDeleteGood post.
ReplyDeleteWell spotted! I'll keep it in mind.
ReplyDeleteGood point! I´ll be waiting for a trigger.
ReplyDeleteI agree with you, i will keep it in mind.
ReplyDeleteGreat analysis! Will keep it in mind!
ReplyDeleteEur/Jpy is testing 135.00 handle.
ReplyDeleteThank you for the analysis.
ReplyDeleteExcellent analysis. Thank you for sharing.
ReplyDelete