EURJPY Weekly Technical Outlook
The major trend is downwards on the higher time frames. However, the market has been in a consolidating mode for a long while; clearly seen on the weekly and daily time frames.
Nevertheless, on the daily time frame price action has largely respected the downward trendline (navy colour).
On the 4H time frame, the most recent price action has been within an ascending channel (magenta colour), with the technicals all reinforcing a further push upwards towards the distal part of the channel and possibly with a target of the immediate weekly resistance zone between 115.960 and 116.210. Failure in this attempt may result in a further ranging play within the channel or a southward push to target the immediate support zone between 112.730 and 112.360, perhaps after a role flip around the monthly pivot.
I may be wrong. Trade safe and well.
KP
The major trend is downwards on the higher time frames. However, the market has been in a consolidating mode for a long while; clearly seen on the weekly and daily time frames.
Nevertheless, on the daily time frame price action has largely respected the downward trendline (navy colour).
On the 4H time frame, the most recent price action has been within an ascending channel (magenta colour), with the technicals all reinforcing a further push upwards towards the distal part of the channel and possibly with a target of the immediate weekly resistance zone between 115.960 and 116.210. Failure in this attempt may result in a further ranging play within the channel or a southward push to target the immediate support zone between 112.730 and 112.360, perhaps after a role flip around the monthly pivot.
I may be wrong. Trade safe and well.
KP
Do your homework, follow the footprints of smart money