EUR/JPY has been consolidating within a clear rectangle pattern after a strong uptrend. The market is currently testing the support zone around 171.00.
Previous structure shows multiple BOS (Break of Structure) and ChoCH (Change of Character).
Price is ranging between resistance (173.00) and support (171.00).
A confirmed support break could open the way toward the next bearish target near 169.00.
If buyers defend the support, a short-term bounce back into the range is also possible.
This analysis is for educational purposes only, not financial advice. Always manage your risk before trading
Previous structure shows multiple BOS (Break of Structure) and ChoCH (Change of Character).
Price is ranging between resistance (173.00) and support (171.00).
A confirmed support break could open the way toward the next bearish target near 169.00.
If buyers defend the support, a short-term bounce back into the range is also possible.
This analysis is for educational purposes only, not financial advice. Always manage your risk before trading
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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.