- EUR/JPY is trapped in a pennant pattern, as seen on the 4-hour chart.
- A breakout would expose overhead resistance at 124.90.
EUR/JPY has carved out a contracting triangle or pennant pattern on the 4-hour chart.
A breakout, if confirmed, would signal a resumption of the rally from the July 10 low of 120.27 and open the doors for 124.64 (200-week simple moving average), above which a major resistance at 124.90 (August 2018 low).
Alternatively, a pennant breakdown would imply bearish reversal and shift risk in favor of a drop to the ascending 50-day SMA, currently at 121.31.
The pair is currently trading largely unchanged on the day at 123.70. The pennant resistance is located at 123.78 while support is seen at 123.11.
4-hour chart
Trend: Neutral
Technical levels
Dicetak ulang dari FXStreet， hak cipta semua dimiliki oleh penulis asli.
Peringatan: Pendapat yang disampaikan sepenuhnya merupakan milik penulis dan tidak mencerminkan posisi resmi Followme. Followme tidak bertanggung jawab atas keakuratan, kelengkapan, atau keandalan informasi yang disediakan, serta tidak bertanggung jawab atas tindakan apa pun yang diambil berdasarkan konten ini, kecuali dinyatakan secara tertulis.
Tinggalkan pesan Anda sekarang