The Euro
versus the Yen on the daily chart has been oscillating between the 133.00 and
the 132.00. During that consolidation, the price has formed what it appears to
be a “symmetrical triangle”. The Triangle formations usually act as
continuation patterns, meaning that the price continues in the direction where
it was coming from coming into the formation, but in reality the price may
break out in any direction. If the price breaks to the downside, then the
131.00 level could act as support. If the price breaks to the upside, then the
135.00 level could act as resistance.
Well spotted! I'll keep it in mind.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteGreat analysis, thank you.
ReplyDeleteExcellent analysis!
ReplyDeleteThe pair is ranging with mild downside pressure.
ReplyDeleteVery useful analysis, thank you.
ReplyDeleteGreat analysis! Congratulations.
ReplyDeleteGood post.
ReplyDeleteGreat analysis.
ReplyDelete