EUR/JPY: detailed chart study and the next possible target
On the left hand side of the screen, we can see the Daily timeframe chart analysis of the pair. It can be noticed that the price has been actively rejecting the ascending zone of support. If the current Daily candle leaves a wick and closes above the local zone of support, it can be expected that the price will keep rising and reach the 131.4 area of resistance on the long-run (and even beyond).
Looking at the H4 timeframe chart, it can be witnessed that the attempts of the price to break the 128.8 area of support have been unsuccessful. A downtrending channel has been formed, though we are patiently waiting for the price to break the upper boundary of it and continue its upside movements. The 128.8 area of demand can be visited once again before the price keeps pushing up. Therefore, we will be patient and monitor the price closely before entering BUY positions.
Happy trading, everyone!
Looking at the H4 timeframe chart, it can be witnessed that the attempts of the price to break the 128.8 area of support have been unsuccessful. A downtrending channel has been formed, though we are patiently waiting for the price to break the upper boundary of it and continue its upside movements. The 128.8 area of demand can be visited once again before the price keeps pushing up. Therefore, we will be patient and monitor the price closely before entering BUY positions.
Happy trading, everyone!