EJ is forming a similar pattern as it did a few years back from 2008 to 2012. The falling wedge pattern first to form the bottom portion of the channel, and now again to get it past back up to the top. The BOJ has been trying to lower the value of its currency for a long time now, but with BREXIT and the yen being a safe haven currency, it hasn't been possible. Now that things are starting to settle down, we can see a trend change developing on the lower timeframes. This is going to be a long term trade for me where I hold for the next few years.
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Price broke out of the downward wedge. confirmation for the bulls.
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We have 2 resistance levels that turned into support now. First level at 119.54 is the main support level. We want price to hold above here on the weekly tf. If price were to go below this, we can expect it to reach the deep support level at 118.54, to make it's move back up, which would also retest that descending trendline it broke out of. First target level is 127.203
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nice pull back and retest of the broken trendline. on its way to the test the new trendline resistance.
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price is working nicely towards 127.203. watch for the break higher