EURJPY is trading in descending channel pattern as long term trend. After touching the support line of the descending channel pattern, it is trading in a rising wedge pattern. Now, the price level is trading near the resistance line of descending channel pattern, also at the resistance of rising wedge pattern, so according to chart pattern, we think we might see a trend reversal in EURJPY on downside soon. If it breaks out of the resistance line of descending channel pattern with good confirmation new trend might start in EURJPY .

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Vivek_Samale
Vivek_Samale

I have half a decade of experience as a trader and enthusiastically learning & developing new strategies in algorithm trading & also analyzing the companies with New ESG method.