EUR/JPY is currently contracting after 2 previous swing highs. It has now touched the short term bullish trend and found support. There have been 3 touches of the current trend the last 2 touches forming a W pattern indicating a reduction in downward pressure.
A new structure low has been confirmed supported by the 50 day moving average crossing the 300 day moving suggesting an area of support. The RSI Is showing signs of strong buying pressure followed by a trend alert indicated by the rise of the ATR.
If we do not see a rally to the top of the trading range then our next support level is indicated by the pink dotted line. The bottom of a converging triangle constructed using the daily time-frame.
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A new structure low has been confirmed supported by the 50 day moving average crossing the 300 day moving suggesting an area of support. The RSI Is showing signs of strong buying pressure followed by a trend alert indicated by the rise of the ATR.
If we do not see a rally to the top of the trading range then our next support level is indicated by the pink dotted line. The bottom of a converging triangle constructed using the daily time-frame.
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