Hi Guys do u think Eur/jpy can work out on the basis of this chart.As there are news that jpy is can recover now.
Plz advice i am a new trader.
Well today’s price action gave you the answer which was no. Trend channels are pretty week turning zones on their own unless you can see additional reasons why price should turn there, such as horizontal support / resistance, fib levels, ema’s etc. More often than not, channels fail after the third or fourth touch.
I’m staying long until price action tells me so.
I dont know about recovery but those fibonacci retracement levels look perfect for scalping.Also there is a lot of volatility in this pair)