Hello traders and the entire tradingview community! EUR/JPY is currently in a squeeze. The squeeze is getting narrower, which means there will be a big movement very soon.
Whether the move happens to the upside or downside depends on the price action around the 100-hour moving average.
If you see a strong bullish candlestick that breaks above the 157.20 level, we can expect a bullish move. However, if we see a strongly bearish candle around the 157 level, expect price to drift lower and reach the 153 level again.
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As expected, price has broken out of the squeeze area