Watching for a break
Watching EURJPY for a longer term play anticipating a break of the consolidation zone.
Price has been on a run since March 7th so there is potential for a small retracement in price below 134.700 before further continuation higher. That 134.700 level + 1 ATR would be a my stop position on a positive break of the range here too. Downside move stop would be ATR above 136.000 whole number.
136.500 - 137.000 has been a key selling point for price action which as struggled to get much footing. If price moves into this zone on a break be very careful if volume starts to pick up. Once the level breaks however there could be a large upside.
As always we'll be using our Average Daily Range tool to plot potential intra-day moves if we layer in bids on the break.
Price has been on a run since March 7th so there is potential for a small retracement in price below 134.700 before further continuation higher. That 134.700 level + 1 ATR would be a my stop position on a positive break of the range here too. Downside move stop would be ATR above 136.000 whole number.
136.500 - 137.000 has been a key selling point for price action which as struggled to get much footing. If price moves into this zone on a break be very careful if volume starts to pick up. Once the level breaks however there could be a large upside.
As always we'll be using our Average Daily Range tool to plot potential intra-day moves if we layer in bids on the break.
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