EURJPY looks poised for another 200 pips in MayWith this month ending in a few days, I'm preparing for May.
The yen looks the most definitive heading into may, and it looks bearish overall, with that in mind, combined with EUR strength, EURJPY should rise.
When we look at structure you can see that we have what I will call "never ending exhaustion" EURJPY, looks like its getting tired, but it just keeps going up in a ugly fashion. I hate this type of behavior to be honest lol.
I think the next logical price we see actual sell momentum step in is at the green prices, or just above them.
Until then I'll be watching the H1 and H4 for buy opportunities.
The way we tested the prior point of control tells me the banks added more buying positions, and will continue for the next week or two.
You don't need to predict the next 4 moves in the market to make money. You just need high probability.
EURJPY looks highly probable for 150-200 pips, now just drop down on the smaller charts and pick it apart until those pips get eaten.
Logic:
Institutions need to close positions at the red line.
Green lines are where possible retail buy limits are sitting.
Good luck,
-Gio
