EURJPY Long Term Low

EURJPY is potentially making a long term low. We have a double bottom on the weekly and one on the daily as well, which gives a lot of potential for the long term. As always with double bottom, there is a downside, that is if it turns into a triangle (making a lower high) as the red line suggests on the left.

For the coming days/weeks, we there is a double bottom formation as well. As you can see price dropped below the support, but pumped up quite strong again, creating a small inverse H&S it seems.

If it plays out, short term target is what the blue line shows. For coming day or so, could still drop, but the max for my theory should be the green zone. Below it, it's probably wrong. A strong push through the red zone, would make it likely to see it rally to that target zone.



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