EURJPY
From the Technical views:
1. Weekly show a bullish impulse to the upside followed by a deeper correction, now can expect a new impulse to the upside.
2. But from the daily point of view, the current price is inside the resistance area (indecision area), it can continue to move the upside follow the weekly's view OR move to the downside and create an equal low, then a potential HNS will be formed to us.
From the Institutional's views:
1. Bullish bias on EUR in the longer term of view, but bearish bias in the short term of view.
2. In the new data, more long positions were closed and more short positions added on EUR, long decreased 10k, and short increased 9k, net positions slightly decreased around 20k.
3. Bullish bias on the JPY, in the new data, both long and short closed. During JPY move to the downside, short closed but no adding long yet, meaning that they are starting to accumulate the JPY at the lower price, we can expect some strength arise on the JPY, and drive the EURJPY to move to the downside.
How to approach EURJPY?
1. Waiting for the '2' scenario I mentioned above arise, either continuation to the upside or HNS pattern
2. Once confirm, switch to the lower timeframe and find the long/short opportunity, if your strategy's conditions are fulfilled
3. Jump into this market at the moment is not a good idea, because the direction is inside the indecision zone.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on EURJPY.
1. Weekly show a bullish impulse to the upside followed by a deeper correction, now can expect a new impulse to the upside.
2. But from the daily point of view, the current price is inside the resistance area (indecision area), it can continue to move the upside follow the weekly's view OR move to the downside and create an equal low, then a potential HNS will be formed to us.
From the Institutional's views:
1. Bullish bias on EUR in the longer term of view, but bearish bias in the short term of view.
2. In the new data, more long positions were closed and more short positions added on EUR, long decreased 10k, and short increased 9k, net positions slightly decreased around 20k.
3. Bullish bias on the JPY, in the new data, both long and short closed. During JPY move to the downside, short closed but no adding long yet, meaning that they are starting to accumulate the JPY at the lower price, we can expect some strength arise on the JPY, and drive the EURJPY to move to the downside.
How to approach EURJPY?
1. Waiting for the '2' scenario I mentioned above arise, either continuation to the upside or HNS pattern
2. Once confirm, switch to the lower timeframe and find the long/short opportunity, if your strategy's conditions are fulfilled
3. Jump into this market at the moment is not a good idea, because the direction is inside the indecision zone.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on EURJPY.
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