EUR/JPY Trading Analysis (23/07/2024)
The overall trend is ascending. The currency pair is traded in the zone of the lower border of the ascending price channel. The downward wave structure is truncated. There is bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator and the RSI indicator signal the oversold condition.
Trading idea:
- Buy when the formation of the ascending wave structure begins, when the wave А breaches the sloping channel of the downward truncated structure.
- Stop-loss at 169.96 under the local minimum of the downward structure.
- Price targets at 171.880 and 175.200.
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