We are currently in a consolidation period for the EUR/JPY on the D1 timeframe. Price is at a strong support level at this point.
What others are predicting
We see multiple different traders’ analysis predicting:
Here are my thoughts!
Price is nearing the RSI 30 line
Price has reached a major support level on the MN and D1 timeframes.
If price breaks the 120.270 support and the daily candle body holds below after full formation, then we will enter a short for the continuation of the trend.
If price holds at or above the major support level of 120.270, then we have an opportune entry for a long position.
Our target range for the long position is: 121.270 – 123.270
Our target range for the short position is: 118.670 – 115.045
Cheers to another successful week!