EUR/JPY Flat Top Ascending Triangle Formation

June 26, 2017 10:31

The EUR/JPY has formed a flat top ascending triangle formation on H1 time frame, which suggests a possible continuation of bullish trend. Each triangle is a form of consolidation before the breakout, while the ascending triangle is a sign of uptrend. At this point we can see that the double top has been broken so we have 2 possible rejection points. First one is DT retest point 124.65. If the price retraces to the level we might see another bounce towards W H4/D H5 confluence 125.23. The break of 125.23 aims for 125.60. If the price make a pullback inside a triangle formation again than we might see a POC rejection 124.30-40 ( W L3, EMA89, ATR Pivot, D L3) towards above mentioned levels.

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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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