JordanWillson

Very Clear Bearish Rectangle on EURJPY

FX:EURJPY   Euro / Japanese Yen
Here you can see a clear image of a bearish rectangle , showing that the bearish trend halted and began to consolidate. It respected the rectangle perfectly for over 12 days without any large breakouts. As time moved on it was comfortably within the rectangle however at the same time was being squeezed into a bearish pennant . This was a case of waiting patiently to see whether the bulls would take control of the initial bearish trend and turn it around. After a strong rejection of the 132.379 fib level it then began shifting upwards, taking some time to break through the 132.767 level. Once it did it was then clear the bulls had taken control and was an opportunity to then place a long position. I had to be patient on waiting for this move but it eventually broke out.
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