An interesting chart for the EURO - YEN pair.
The pair is within a symmetrical triangle - the upper side the beginning in 2009, the lower side the beginning in 2012.
In 2014 the price touched the upper side - this was the beginning of the ABC-correction.
In 2016 it tested several times the lower side before climbing up to the peak of wave 1 of the motive waves.
Wave 2 tested the lower side another time in 2017 before climbing to the upper side of the triangle - forming the turning point of wave 3.
Actually we´re in wave 4 - perhaps it´ll continues to lower prices before turning and rising again (area marked with a rectangle).
The next rise will be wave 5 and this wave will lead the price out of the triangle, breaking also resistance at 61.8% (139 Yen to Euro) and leading to a new hight. I´ve marked the target area with a circle.
Indicators:
RSI: in bearish zone and perhaps shortly before crossing the trend to bottom
ADX: neutral
Projection for currencies are more risky than for equities - statisticly 80% are wrong!
Stop:
If the pair is leaving the triangle to the bottom and / or is breaking the support of upgoing fib retracement 38.2% (120JPY).
The pair is within a symmetrical triangle - the upper side the beginning in 2009, the lower side the beginning in 2012.
In 2014 the price touched the upper side - this was the beginning of the ABC-correction.
In 2016 it tested several times the lower side before climbing up to the peak of wave 1 of the motive waves.
Wave 2 tested the lower side another time in 2017 before climbing to the upper side of the triangle - forming the turning point of wave 3.
Actually we´re in wave 4 - perhaps it´ll continues to lower prices before turning and rising again (area marked with a rectangle).
The next rise will be wave 5 and this wave will lead the price out of the triangle, breaking also resistance at 61.8% (139 Yen to Euro) and leading to a new hight. I´ve marked the target area with a circle.
Indicators:
RSI: in bearish zone and perhaps shortly before crossing the trend to bottom
ADX: neutral
Projection for currencies are more risky than for equities - statisticly 80% are wrong!
Stop:
If the pair is leaving the triangle to the bottom and / or is breaking the support of upgoing fib retracement 38.2% (120JPY).