EUR/JPY Descending Channel Formed

The EURJPY has come to the top of the channel. Descending channel could tank the price.

124.46-56 is the POC zone. We can see the channel top making a confluence with D H5 camarilla pivot. If the price drops 126.28, 126.17 are targets. The break below 126.17 should target 125.96 and 125.85. A close above the channel will possibly invalidate the bearish setup. Selling at the top is my favourite scenario here.

For a look at all of today’s economic events, check out our economic calendar.

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.