EURJPY – on Thursday last week, the price broke out from a ascending wedge build from September 2017. On Friday there was a very precise re-test of the lower limit of this wedge, and the session ended at 133.25. Technically, the situation seems quite clear, the likelihood of continuation of declines is very high.

EURJPY Daily – price breaks out from ascending wedge and re-tests support of the wedge

Going to chart H4 (below) we can more accurately determine the potential level of SL for SELL orders and this will be overcome last week mentioned lower wedge support line and level 134.50, which is recently local support which, after defeating, became a resistance. The first goal of supply may be the support level of 131.15 (from the Daily chart), and if it is defeated, the next goal may be a quite strong level of support 128.40.The bearish version can be negated in the case of significant closing of daily candles above 134.50

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Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.