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Technical Archives |
Written by FX Solutions |
Aug 04 10 19:21 GMT
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EUR/JPY Forms a Triangle
Price action on EUR/JPY (a 4-hour chart of which is shown) as of Wednesday (8/04/2010) has formed a symmetrical triangle consolidation pattern within the context of a parallel uptrend channel extending back to the late June low. The current triangle formation represents indecision and diminishing volatility within this uptrend channel. In the event of a trend-directional breakout to the upside above the triangle, a key upside resistance target resides around the 114.70 price region, the top point of the triangle. In the event of a corrective break to the downside below the triangle, a key downside support target resides around the 112.00 price region, the lowest point within the triangle.
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About the AuthorFX Solutions
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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
