EURJPY is bullish. Bank of Japan recently announced no change to the monetary policy. As a result, a bullish momentum took over and price broke the short-term descending channel, reaching a high of 138.00 level. Now we can clearly see a formation of a bullish pennant pattern, which supports this bullish impulse.
Currently, we are waiting to buy the breakout. An hourly candle needs to completely close above the pattern trend line. First target is the previous head and shoulder neckline area of 183.40
Currently, we are waiting to buy the breakout. An hourly candle needs to completely close above the pattern trend line. First target is the previous head and shoulder neckline area of 183.40
Note
The price did not completely close above the pennant pattern. Now a bullish flag pattern might be in the process of forming.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.