EUR/JPY – Rising Wedge

EUR/JPY daily chartEURJPY D1 (04-04-2016 2259).png

Pair’s reversal from the 23.6% fibo support tomorrow/this week wud open doors for a re-test of rising wedge resistance seen now at 128.40 lvls.

Break below 126.54 (23.6% Fibo support) would be followed by a relook at rising trend line supp at 126.81 and 125.80 (falling channel extended).

Bearish invalidation is seen only in case of a daily close below 125.80, in which case bulls would end up on a wrong side forcing them to unwind longs and leading to a break below 124.67 (Mar 22 low) and fall towards 123.00 lvls.

 

 

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