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:
121.000 long
one more time up to create an double top or an third touch to finish the bear flag before another impulse down
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!