Rising Wedge on EUR/JPY

Rising Wedge on EUR/JPY

The current technical pattern indicates a further correction on the EUR/JPY currency pair. The trading instrument held a round level of 130.000. At the moment, a classical figure of the technical analysis "Rising wedge" (M30 timeframe) has been formed. In the near future, a downward trend may develop on the EUR/JPY currency pair.

If the price overcomes and consolidates below the local support of 129.500, we recommend looking for entry points to the market in order to open short positions. The immediate goal for profit taking is the round level of 129.000. In the medium term, the currency can reach the key demand zone of 128.00-128.250.

by JustForex, 2017.08.15

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This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.