EUR/JPY Trend Analysis: Wedge or Channel?!
hello dear traders!
So, here's the deal: we have two possible scenarios for the price movement of the EUR/JPY pair. The first scenario seems to be more likely, in which the price has reached the top of a wedge pattern and a horizontal resistance level at the same time. If this happens, it's possible that we might see a bearish trend from this area.
Now, the second scenario is also a possibility, but it seems less likely than the first one. According to this scenario, the price will reach the top of a channel pattern, which is marked with green lines, and then start bearish trend.
***NOTE: To make a decision about trading, it's a good idea to wait for the daily candle close to confirm the direction of the trend.
So, here's the deal: we have two possible scenarios for the price movement of the EUR/JPY pair. The first scenario seems to be more likely, in which the price has reached the top of a wedge pattern and a horizontal resistance level at the same time. If this happens, it's possible that we might see a bearish trend from this area.
Now, the second scenario is also a possibility, but it seems less likely than the first one. According to this scenario, the price will reach the top of a channel pattern, which is marked with green lines, and then start bearish trend.
***NOTE: To make a decision about trading, it's a good idea to wait for the daily candle close to confirm the direction of the trend.
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