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R.Linda Trading - forecast

Trading signals for EURJPY → Resistance retest in a false-break format

2023-05-11 08:59 FOREX forecast

EURJPY is testing the resistance of the ascending channel in a false-break format. A reversal pattern in the form of H&S pattern is gradually forming. What's next?

The price is not ready to break the trend resistance and it shows the precondition for a possible correction.

A reversal pattern "Head & Shoulders" is forming and the price is trying to break the support, 147.4, a few hours ago.

There is a key liquidity area at 147.6 and the price might try to test it. If the bears hold the area, there will be a consolidation below this area, followed by a price decline to the uptrend support area.

Strong resistance: 147.6, 147.9

Strong support: 146.4, 145.6

At the moment, as the H&S pattern is active, there is a big chance for the price to go down. If the level of 147.6 is not broken, the fall to the area of 145.000 will start to form.

R. Linda

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