Euro Yen on 1 hour timeframe. Looks like a rising wedges pattern in formation. My resistance level is at 120.71 and I expect Eur Jpy will go up to 120.7 before it go lower. Valid if there is a breakout of lower red trendline then my target will be lower than 110.
But before that, I read Bloomberg just now and there is a news regarding Euro. An alert from the meeting. I should not rush to enter into any position before I get a clear signal.
“When the markets re-open Monday, we will have in place a mechanism to defend the euro,” French PresidentNicolas Sarkozy said. “If you don’t think that’s significant, you haven’t been to many EU summits.” Read more at Bloomberg.