The trend is your friend, and eurjpy has been respecting the daily candle trend line which is a view from the bigger picture. Take a look at the 4hr candle formation shown below, price found a resistance at 132.40, and so far the dip has retraced to 72.5 Fib region of the previous swing, and also in an oversold region as indicated by the Stoch indicator.
I am expecting a bounce around the current price range, between 131.62 to 131.33; a successful bounce should hit the 50% Fib of current price swing. Alternatively, if price closes below 131.28, then my short term bullish bias is invalidated.
In my opinion, I still have a bullish bias for EURJPY
Disclaimer: What I have shared above is not a financial or investment advice of any sort, it’s just for educational purposes only, whatever trading decision you make is at your own risk.
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