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EURJPY 4hour Analysis February 6th, 2022

FX:EURJPY   Euro / Japanese Yen
EURJPY Neutral Idea

Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish

Trade scenario 1: We are looking extremely bullish as well as over extended here on EJ. When we see this much volume and lack of structure it makes it difficult to find a trade opportunity. We essentially need to wait for the market to resume normal movement.

Ideally, we can see some consolidation followed by a structure forming higher low before continuing with the trend.

Trade scenario 2: Price action could also pullback quite a bit due to the previous volume. Look for price action to fall back below 131.450 and form a lower high below.

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