- November 6, 2023
- Posted by: capadmin
- Category: Market News
An Ascending Channel and Ichimoku Perspective
The EUR/JPY hourly chart depicts an upward trajectory with a recent pullback from the 161.000 resistance. Key indicators suggest the pair’s momentum is cautiously bullish, though potential trend shifts warrant close attention.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The EUR/USD is charting a bullish course within an ascending channel, guided by parallel trendlines signaling strong upward momentum. Its breakthrough above the Ichimoku Cloud reinforces this bullish stance. Now near the channel’s upper resistance line, a pivotal zone, the pair could face a pullback if it doesn’t break through. A potential retracement might find support at the Ichimoku Cloud’s top edge. Despite volatility indicated by the price’s fluctuation around the Ichimoku lines, the predominant position above the Cloud suggests the bullish trend may persist. Traders are watching to see if EUR/USD can hold above these critical levels to sustain its bullish trajectory or begin to consolidate, signaling a possible corrective phase.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.