EURJPY on the Daily chart has been moving within a well-defined upward channel, but price is now testing a weak high near 174.025.
Key observations:
Head & Shoulders Structure: Formed earlier with three clear bottoms acting as strong historical support.
Bullish Trendline: Intact throughout the rally, now showing signs of slowing momentum.
Supply Zone: Overhead resistance aligning with channel top.
Potential Pullback: A break below recent highs could trigger a move toward the 166.017 target area.
Market Structure: Break of structure (BOS) and lower high formation could signal reversal.
📉 Bearish Scenario: Rejection from 174.025 and a breakdown below trendline support may lead to a deeper correction.
⚠ Invalidation: A daily close above 174.025 could extend the rally further.
Analysis is for educational purposes only, not financial advice.
Key observations:
Head & Shoulders Structure: Formed earlier with three clear bottoms acting as strong historical support.
Bullish Trendline: Intact throughout the rally, now showing signs of slowing momentum.
Supply Zone: Overhead resistance aligning with channel top.
Potential Pullback: A break below recent highs could trigger a move toward the 166.017 target area.
Market Structure: Break of structure (BOS) and lower high formation could signal reversal.
📉 Bearish Scenario: Rejection from 174.025 and a breakdown below trendline support may lead to a deeper correction.
⚠ Invalidation: A daily close above 174.025 could extend the rally further.
Analysis is for educational purposes only, not financial advice.
Trade active
Price is testing the weak high near 174.025 within the upward channel. Watching for rejection and a potential breakdown of the bullish trendline to confirm a move toward the 166.017 target area.Trade idea remains valid while price stays below 174.025.
This is market analysis for educational purposes only, not financial advice
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
$ FOREX / GOLD / BTC | Real Trades,Real Result | Risk-managed strategiesn & Join Telegram _ Trade smater ||
📬 Join Free Channel:
t.me/profitmagnetpro12
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t.me/profitmagnetpro12
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.