The picture provided shows EURJPY in a very interesting wedge scenario that we could take advantage of. There could be either of the scenarios playing out which I am ready to take buy or sell order on depending on the reaction of the price:
1. Either the price breaks of the wedge to the downside. I could either place a sell order below the support zone highlighted or wait for a retest to the level to ride out the trend.
2. Either the price could move to the upside, breaking the minor resistances and possibly breaking the trend line signalling a clear reversal.
Whichever scenario plays out, I am ready for either scenarios. Trade with caution and follow the plan!!!
1. Either the price breaks of the wedge to the downside. I could either place a sell order below the support zone highlighted or wait for a retest to the level to ride out the trend.
2. Either the price could move to the upside, breaking the minor resistances and possibly breaking the trend line signalling a clear reversal.
Whichever scenario plays out, I am ready for either scenarios. Trade with caution and follow the plan!!!
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