The double bottom pattern that formed on the EURJPY Daily chart after the recent low suggests that there was a period of selling pressure that eventually led to a reversal. The impulse to the upside that followed and tested the daily resistance level multiple times shows that buyers are in control and are attempting to break through this level.
Currently, the market is in an accumulation phase between the resistance and the 50% Fibonacci level. This suggests that buyers and sellers are assessing their positions and waiting for a clear direction before committing to a trend.
As a trader, you could look for a break above the daily resistance level as a potential long entry signalaccording to the MTB Strategy Rules. This could indicate that buyers have gained enough momentum to push through the resistance and continue the uptrend.
Currently, the market is in an accumulation phase between the resistance and the 50% Fibonacci level. This suggests that buyers and sellers are assessing their positions and waiting for a clear direction before committing to a trend.
As a trader, you could look for a break above the daily resistance level as a potential long entry signalaccording to the MTB Strategy Rules. This could indicate that buyers have gained enough momentum to push through the resistance and continue the uptrend.
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testing the resistance
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as expected
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moving higher
