EURJPY possiblr rangeA possible trade set up for EURJPY. i believe there is further downside available in EJ, mainly because of the impeachment trial in the U.S starting next wee,k which may help boost demand for safe haven assets. the bounce could coincide with the lighter than usual trading volume in the U.S Monday because of the holiday. We also have the BOJ rate decision Monday evening and press conference that may weaken the yen, in my opinion, as I don't expect the BOJ to be hawkish. Moving forward we have the trial beginning on Tuesday and paired with the return of volume we may see a continuation of the drop which would coincide with an ABC correction in the near term. From there it becomes a bit more difficult as we come into a demand zone and longer time frame trend line. A break below the trend line and a daily close below it certainly suggest further downs side is possible. Any time price is over 122.50 it is bullish in my opinion, but there may be near term resistance in 123.25 area that pushes price down slightly to retest the 122.50 area; before continuing up in an attempt to close the gap. I see a strong resistance area up top so any over shoot of the gap may be contested . not trading advice. just my perspective. happy trading
