The EURJPY pair is on a three day bullish streak above both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line). The pattern for almost a year is a Channel Up, which has a very clear recurring bullish formation.
After every 1-month (approximately) Channel Down (red pattern) and a U-shaped reversal on the 1D RSI, the price rises. We have so far 3 such occurrences, two rose by +7.5% and one by +5.25%. Based on this, since the price hit in January twice the bottom (Higher Lows trend-line) of the Channel Up and the RSI has reversed, we are long. We pursue the moderate target of +5.25% which would be 146.900. If you wish to go all the way for the +7.50%, target 150.000, which will hit also the top (Higher Highs trend-line) of the Channel Up.
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After every 1-month (approximately) Channel Down (red pattern) and a U-shaped reversal on the 1D RSI, the price rises. We have so far 3 such occurrences, two rose by +7.5% and one by +5.25%. Based on this, since the price hit in January twice the bottom (Higher Lows trend-line) of the Channel Up and the RSI has reversed, we are long. We pursue the moderate target of +5.25% which would be 146.900. If you wish to go all the way for the +7.50%, target 150.000, which will hit also the top (Higher Highs trend-line) of the Channel Up.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.