0
154
EUR/JPY: ranging breakout. The pair was on secondary bear market rally for crossing key resistance level on the way to the bullish reversal: price broke Senkou Span line and came to the bullish area of the chart with the secondary ranging condition to be located inside Ichimoku cloud waiting for direction.
Daily price is ranging within the following key reversal support/resistance levels:
- 136.92 resistance level located above Ichimoku cloud in the primary bullish area of the chart, and
- 129.66 support level located far below Ichimoku cloud in the primary bearish area of the chart.
Intermediate resistance level for the price to start with the bullish condition without ranging is 134.58.
- if the price breaks 134.58 resistance so the bullish reversal will be started without ranging;
- if the price
breaks 136.92 resistance so the price will be fully reversed from the
primary bearish to the primary bullish market condition;
- if the price breaks 129.66 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 134.58 | 129.66 |
| 136.92 | N/A |
- Recommendation for long: watch close daily price to break 134.58 for possible buy trade
- Recommendation
to go short: N/A
- Trading Summary: ranging
SUMMARY : ranging
