EURJPY Weekly Forex Forecast 10th December to 16th December by yshashmi37 on

Midterm forecast:

While the price is above the support 124.60, beginning of uptrend is expected.
We make sure when the resistance at 130.15 breaks.
If the support at 124.60 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:

The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
While the RSI resistance #1 at 54 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 129.31 on 11/29/2018, so more losses to support(s) 127.50, 126.65, 125.55 and minimum to Major Support (124.60) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 50.

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