Rising Wedge Pattern in EUR JPY 4-Hour Chart
Hi, Traders! Just spotted a rising wedge pattern in EUR JPY 4-Hour chart.
The beauty of rising wedge pattern is, it becomes narrow with higher high and higher low formation.The next confirmation in a rising wedge pattern is to wait for the break of pattern to jump in the bearish move because whenever the rising wedge spotted, it breaks downside with a huge momentum.
EUR JPY Current market price is 123.80 which is the support level.The next possible resistance is around 124.55 area.If gold bounce from the support to touch the resistance then most probably 124.55 could be the final resistance and it may break downside.
My suggestion is to wait for the break of support in hourly chart.The next bearish target of EUR YEN could be minimum 122.50 and 121.45 which is also the Fibonacci retracement level.
Please have a look at 4-hour EUR JPY chart below to get the trade idea.
EUR JPY 4-Hour Chart
EURJPY Support & Resistance Levels 10th May 2017
Resistance 1: 124.55
Support 1: 123.75
Support 2: 122.50
Support 3: 121.45
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com