EUR/JPY has been consolidating sideways between
131.00 and 134.50 for almost two months now and so far there is no indication
that consolidation is about to end. The pair has formed a spinning top
candlestick below 134.50 on the monthly time-frame and is currently in the
process of forming a second one. That candlestick is yet to close, of course,
so nothing is certain yet. That said, the pair is showing clear signs of
indecision below the resistance at 134.50. If it bounces off from the
aforementioned resistance level it will probably continue moving to the
downside towards the (MA)89 indicator on the monthly time-frame at 127.20. On
the other hand, if the move to the upside continues and the pair breaks out
above 134.50 the pair will probably reach 135.00 - 136.00.
It's very undecided for the moment.
ReplyDeleteWill keep in mind your assessment.
ReplyDeleteGood post. Thanks.
ReplyDeleteA gap up in H4 chart.
ReplyDelete