We are right there at the bottom of the triangle.
What is interesting to me is the formation of an bamm at Friday's closing price.
Bamm at bottom of triangle.
Bamm is the formation of a W/M structure at oversold/overbought where this is considered a prelude to a potential end of trend.
A W/M structure, followed by a retracement to the 50% level of the indicator and a final retest at oversold/overbought will be considered a potential buy/sell opportunity.
Next week, I will watch out for a move up out of the oversold zone for EURJPY to initiate a buy.
SL will be below the low of Friday.
I am aiming at 119.50 for TP where the higher boundary of the triangle is at.
If EURJPY continues lower on Monday, this trade trade will be invalid and we will look for other opportunities to trade this pair.
Not ready yet, I will wait for another retest of lows.
Read comments on charts to understand better.
Currently will only blog in mandarin as most of my fans are based in China.