EURJPY - Ending wedge offers a downside bias
EURJPY - Intraday - We look to Sell at 122.71 (stop at 123.06)
Due to an Ending Wedge formation, we continue to treat extended gains with caution. Bespoke resistance is located at 122.71. The rally has posted an exhaustion count on the intraday chart. There is scope for mild buying at the open but gains should be limited. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 120.60 and 115.86
Resistance: 122.71 / 123.00 / 123.24
Support: 120.56 / 120.01 / 115.86
Due to an Ending Wedge formation, we continue to treat extended gains with caution. Bespoke resistance is located at 122.71. The rally has posted an exhaustion count on the intraday chart. There is scope for mild buying at the open but gains should be limited. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 120.60 and 115.86
Resistance: 122.71 / 123.00 / 123.24
Support: 120.56 / 120.01 / 115.86
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