Major Level and an uptrend on daily time frame
The trend on daily time frame is to the downside. Engulfing bar at the major resistance level.
Bearish Engulfing bar at daily resistance level.
Strong resistance and a bearish rejection candle.
Pinbar setup at daily support level.
Price pullback to the major daily level and shows some rejection.
Market has broken the strong resistance level and came back to test it with a pinbar setup.
As we can clearly see the trend is changing by confirming a new higher high. We expect this to be our new higher low.
With all the confluence aligning, Eurjpy might rally to test 133.00 area.
The market is trending down. I got involved with the trend after seeing this pin bar at a major level and 50 Ema.