EURJPY’s immediate price action is looking bearish; a bounce on low volume will allow us to maintain a bearish bias.
The Daily S/R is considered immediate support; here a bounce initially is probable – currently being the case.
The .382 Fibonacci is likely to get tagged before further downside momentum. Exceeding above this level will negate our bearish bias.
Both oscillators are trading at oversold conditions, this greatly increases the probability of an oversold bounce play.
Current volume profile is impulsive; bull volume is required for follow through. Failure will increase the probability of a breakdown.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
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