EURJPY has broken below the long-term uptrend Pitchfork channel
On the monthly EURJPY chart, we can see that the pair has broken below the uptrend long-term Andrew’s Pitchfork channel and is now retesting the broken channel line 125.60 where we are seeing the rejection. We saw a perfect bounce off triangle support 116.050 for the downside breakout reversal retest. If the rejection from the 127-128 zone will be sustainable after this month pullback we could see an extension lower to 120 long-term triangle support line and eventual continuation even lower to 110 which is also a 150% channel extension.
On a daily chart, we can see that the pair has also formed a short-term downtrend Pitchfork channel with first visible resistance at channel half-line 123. We could see one more touch in the rising wedge price action of the downtrend support channel line around 126 to place a good RR short trade entry and to target 123. Or we could short the pair upon a break below 125.30.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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