empty
 
 
04.05.2021 09:10 PM
Bearish technical combination in EURJPY

Technically EURJPY remains in a bullish trend as price continues making higher highs and higher lows. As long as price is above 129.70 trend remains bullish. Price continues to trade inside the upward sloping wedge pattern and despite the new higher high, the RSI did not follow, providing us with a bearish divergence.

This image is no longer relevant

Blue lines - wedge pattern

Price continues to trade inside the boundaries of the blue trend lines forming the wedge pattern. Support is key at 130.30-130.15. Breaking below this level will be the first sell signal given since last August. No bearish signal since then. Price has moved considerably higher and the chances of a reversal or at least a pull back have risen. So it is important to keep a close eye on the specific support level. If price breaks this support level then a break below 129.70 will confirm the bearish signal and will open the way for a move towards 126 at least.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback