EURJPY This will determine the trend for the next 3 months

The EURJPY pair hit this week the 1D MA200 (orange trend-line) and seems to be holding it as a Higher Lows Support within the Channel Up that started in April. We first looked into this Fibonacci Channel approach in September and gave us an excellent dump and pump trade:

At the moment, as long as this week’s low holds, we are expecting the Channel Up to make a Higher High within the 2.0 Channel Fibonacci and 4.5 horizontal (151.000 – 152.550) in the next 3 months. However, with the RSI on the 1W time-frame on Lower Highs while the price has been on Higher Highs, indicating a huge Bearish Divergence, we will turn bearish if the price breaks below this week’s low and target the 132.000. The 1W MA200 (red trend-line) is the long-term Support.

Tradingview link:

https://www.tradingview.com/chart/EURJPY/KNqUaKnV-EURJPY-This-will-determine-the-trend-for-the-next-3-months