The pair EURJPY has been in an uptrend for weeks now, you can see this by looking at the bigger picture from the weekly candles. Here, from the four hours candle, we see that from the 31stMay until the 17th June, there was a remarkable pullback, which is the nature of classic trends, and then price bounced to the upside from 130.00 area, price then found a resistance at 132.71 area. From the resistance zone, price dived to hits Fibonacci 50 support level and RSI oversold zone at 131.3 area, we can see a buy pressure from 131.3 till this moment 132.20 zone, remember we are in an overall bullish trend from our TOP DOWN analysis.
In my opinion, the best place to had taken a buy position would have been from 131.7 breakout area, but the current buy pressure may still extend to 132.715 area considering the 4 hours candle close above the MAs.
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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