EURJPY is trading on a strong daily key level.
The price formed an inside bar formation on that signifying complete indecision.
On 6H time frame we can see in detail how the price acts:
the pair is stuck within a narrow horizontal trading range.
130.75 is its resistance
130.15 is its support
From a current perspective I see two potential scenarios:
- Bullish
In case of a bullish breakout of resistance of the range,
bullish continuation will be expected
Next daily resistance will be 131.07 - Bearish
In case of a bearish breakout of support of the range,
bearish move will be expected
Next support will be 129.675
I am on a bearish side and will trade only in case of a bearish breakout,
but who knows.
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Note
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.