EURJPY with a double bottom pattern: 6 hour tf analysis
EURJPY from January 31, 2018 to current date is shown in this analysis, and commentary is provided below based on the numbers marked on the chart.
(1) Bearish trendline in the EURJPY that is tentative and expected to be breached for the EURJPY to continue its current bullish momentum.
(2) The neckline of a confirmed double bottom chart pattern at ~130.332. The implication of the chart pattern is bullish and therefore higher prices are expected in the EURJPY.
(3) ~130.975 and 130.332 (also coincident with the neckline) indicate price levels where the EURJPY is expected to find support for the next price swing. A break below 130.332 could see the EURJPY test lower support levels between 128.929 and 127.877.
(1) Bearish trendline in the EURJPY that is tentative and expected to be breached for the EURJPY to continue its current bullish momentum.
(2) The neckline of a confirmed double bottom chart pattern at ~130.332. The implication of the chart pattern is bullish and therefore higher prices are expected in the EURJPY.
(3) ~130.975 and 130.332 (also coincident with the neckline) indicate price levels where the EURJPY is expected to find support for the next price swing. A break below 130.332 could see the EURJPY test lower support levels between 128.929 and 127.877.
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