JPYEUR Falling Wedge Pattern

In my opinion, JPYEUR appears to be showing signs of a potential reversal as it forms a falling wedge pattern on the 1-hour timeframe, with the current price finding support at a specific level. The falling wedge pattern typically indicates a bullish reversal, suggesting that the downward momentum may be weakening.

Considering this pattern and support level, traders might consider a potential long position on JPYEUR. However, it's important to manage risk effectively. Setting a stop loss at 0.0066178 can help limit potential losses if the market moves against the anticipated reversal. Additionally, a take profit level of 0.0066721 can be considered as a target to capture potential gains.

Looking forward to read your opinion about it.