EURJPY → The classical model of technical analysis

24 Eyl

EURJPY is attempting to break through resistance. The trend is bullish, and the probability of continued growth after consolidation above 174.50 is quite high...



The market is forming an uptrend amid a decline in the dollar index. EURJPY looks quite strong, breaking through resistance at 174.47 sends the price into a void zone where there are no barriers to growth.
A breakout of the “ascending triangle” consolidation resistance is forming. If the bears keep the price above 174.47, the market may enter a distribution phase...

Resistance levels: 174.47, 175.0
Support levels: 174.226, 173.86

The classic technical model for the continuation of the movement is a breakout of the resistance of the ascending triangle. Consolidation of the price above 174.47 - 174.5 may provoke a continuation of the movement within the bullish trend.

Best regards, R. Linda!

26 Eyl

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