EURJPY With a Falling Wedge Pattern
The price action of the EURJPY is currently developing a Falling Wedge pattern, and it is expected to consolidate just above the 61.8 per cent Fibonacci retracement level at 130.129.
The latest dropdown from the 200-day MA (in orange), underpinning the major resistance level at 130.800, was catalysed by the latest industrial numbers in Germany.
Descending Wedges typically entail the probable continuation of an existing trend, which is why such a bullish rebound from the 61.8 per cent Fibonacci is likely to be followed by a test of the previous swing peak at 133.00.
The latest dropdown from the 200-day MA (in orange), underpinning the major resistance level at 130.800, was catalysed by the latest industrial numbers in Germany.
Descending Wedges typically entail the probable continuation of an existing trend, which is why such a bullish rebound from the 61.8 per cent Fibonacci is likely to be followed by a test of the previous swing peak at 133.00.
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