Sat, Jan 28, 2023 @ 20:55 GMT
HomeContributorsTechnical AnalysisEUR/JPY Head And Shoulders?

EUR/JPY Head And Shoulders?

Price turned to the upside after the false breakdown below the confluence area formed by the 38.2% retracement level with the sliding line (SL) and with the median line (ml) of the minor descending pitchfork. Now is pressuring the upper median line (UML) of the major ascending pitchfork, has retested the red uptrend line as well.

Could still increase to retest the confluence formed by the uptrend line with the upper median line (uml), or the one formed between the median line (ml) of the black ascending pitchfork with the upper median line (ml) of the minor descending pitchfork.

A rejection from the mentioned confluence areas will signal a Head and Shoulders pattern, it will be confirmed only after a valid breakdown below the 38.2% retracement level.

MultiBank Exchange Group
MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

Featured Analysis

Learn Forex Trading