EURJPY UPTREND
My current analysis on EJ. As you can see we are still in this major bull run which started back in the December 2023. This chart tends to make very nice patterns on the daily chart. There is a huge supply and demand zone area between price 161.805 and 161.362. I would like to give you an insight on the price action around this area. As price enters that zone on the daily chart there are 2 things I mainly look for. The first will be if there are any major candles forming in the direction of the trend or are there any wicks rejecting price. If there is a bullish or bearish candle which closes within or past the zone then I would expect continuation of the trend or move. If there are any daily wicks rejecting the zone, at least two or three times then I would expect a heavy rejection and a nice move down as a counter trend, or as a continuation, At the moment price is reaching a monthly high at 163.725, I would like to see this high break and potential push to a new monthly high. However, we must also look for bearish indicators and rejections in price.
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