As price action retraces the span from Brexit to EURJPY's year-end highs, a nice channel appears to be forming. Since the channel's inception, price action has not invalidated the outer limits of the channel; a cursory look at large-scale swing lows / swing highs reveals a rather strict adherence to the channel's median parallels. I plan to follow this trend, with a TP1 target of 118.650, or the .236 retracement of Brexit -- New Year's, and a TP2 target @ 116.550, or half the distance between Brexit -- New Year's.
Commentaire:
Bullseye. $$$. On to the next target.