Invictavis
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Rising Wedge and Potential Double Top on EURJPY (420+ pips)

FX:EURJPY   歐元 / 日圓
Hey all, what we have here are signs of a potential rising wedge formation on EURJPY             due to the higher highs and higher lows being formed since the 18th of May. Fibonacci levels applied on a larger timescale seem to show the price working well between the 0.5 and 0.618 levels - an idea supported by the recent rejection of a new high on the 16th and on the 24th. If the pair adheres to the rising wedge
formation, we can assume that it will hit at least 3 different targets: Target 1 is a relatively new S&R level that seems to have formed at the beginning of May, Target 2 is a strong S&R level that stretches back a few months and happens to coincide with the 0.382 fib level of the yellow retracement lines, and finally Target 3 which is the area between the 0.236 fib level and the price where the rising wedge originated from.

In a longer-term view, we can see a double-top forming following a price rejection at 125.82. In keeping with how I usually approach double-top formations, there are two targets: A conservative target that is placed at the neckline and an aggressive target that is equidistant from the neckline.

Despite all this analysis, the consensus on the Euro             remains bullish . However, now that the French elections are behind us we can position ourselves quite nicely if the Euro             ends up cooling off and losing momentum. In the event that it stays bullish and breaks through the 125.82, we have a simpler play worth about 65 pips which should tide us over until things clear up.

Rising Wedge Play (Medium Term)
Entry:124.965
TP: 124.554, 123.813, 123.355
SL:125.643

Double Top Play (Long Term)
Entry:124.965
TP: 123.074, 120.704
SL:125.643
交易進行
評論: Target 1 reached
評論: Targets 2 and 3 hit. Rising Wedge play is complete!
Very nice trade setup, thank you for sharing your idea. i have similar view on this pair as well.
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Invictavis jojofang0901
@jojofang0901, Excellent analysis; congratulations on the pips!
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jojofang0901 Invictavis
@Invictavis, you as well. thank you
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