A lot of the JPY pairs have been recently moving similarly (not surprising due to their obvious relationship). I’ve been keeping an eye on UJ, GJ and my personal favourite EJ - for me to notice their recent similarities.
Anyway, price successfully reached the supply zone and instantly began to dump, successfully shown by the initial displacement. This signalled...
Market Analysis PT2/2 (12th April 2024)
EURJPY Analysis
On the 4 hour timeframe, price action has created a a nice support and resistance of about 40 pips wide. This tells us that price on EJ is currently consolidating.
There are 2 potential scenarios here:
1) Price pushes higher, breaking through the 4 hour resistance, and retesting it before going...