Here on 
EURJPY we can see Price has been volleyed back and forth between a Falling Resistance and Rising Support at similar degrees forming a Pennant Pattern!
Currently we can see the Consolidation is getting tight and likely to breakout soon, the question is which leg will break?!
Fundamentally EUR and JPY have news events littered throughout this week that will give us some good insight into both currencies corresponding economies, like Tokyo Core CPI y/y on Thursday, Aug. 28th with a Bearish forecast of 2.6%, down from 2.9%!
For now, we must wait for Price to give us a Breakout and Retest!
EURJPY we can see Price has been volleyed back and forth between a Falling Resistance and Rising Support at similar degrees forming a Pennant Pattern!Currently we can see the Consolidation is getting tight and likely to breakout soon, the question is which leg will break?!
Fundamentally EUR and JPY have news events littered throughout this week that will give us some good insight into both currencies corresponding economies, like Tokyo Core CPI y/y on Thursday, Aug. 28th with a Bearish forecast of 2.6%, down from 2.9%!
For now, we must wait for Price to give us a Breakout and Retest!
Trade active
Price has made a Bearish Breakout of the Pennant Pattern!!
Price has also retested the breakout @ 171.53
Short Entry @ 171.53
SL @ 171.78
TP @ 170.00
Note
Price is trading back within the Pattern resulting in a False Breakout! Closing position to wait for a better entry!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Keep It Current,
With Novi Fibonacci!
Related publications
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.