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EURJPY Weekly Forex Forecast 2nd December to 8th December by yshashmi37 on TradingView.com
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 trough is formed in daily chart at 127.50 on 11/13/2018, so more gains to resistance(s) 129.10 and maximum to Major Resistance (130.15) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
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