LukeEllis
Short

EUR/JPY Consolidation Area 1HR Breakout Entry Bearish Bias

OANDA:EURJPY   Euro / Japanese Yen
I have been documenting this pair quite a lot recently because of the heavy downside movement which has created multiple entries for this pair. After a clear breakout of a counter trendline earlier today we can see we are in a consolidation period but the market is presenting its hand to us. Analyising the price action we can see that everytime buyers came back into the market the sellers would take the momentum away quickly with bearish engulfing candles which suggests to me that the sellers are still in control of the market. I would like to see a clear breakout of this consolidation period on the 1HR to the downside confirmed also on the 2HR. I am unsure if there would be a pullback but I would like to see a touch of The EMA and a rejection once we breakout of the consolidation to confirm the direction of the market. Be patient though as on the daily we can see a spinning top being created which could suggest a reversal in the next couple of days.
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