Tradeciety

Classic Shakeout on EUR/JPY

FX:EURJPY   Euro Fx/Japanese Yen
566 0 14
The reversal on EURJPY             is shaping up nicely.

Price found new sellers after it has moved into 116 but not enough to push price below 115. The shakeout (or squeeze) after price touched 115 for the first time was textbook and many traders probably bought the dip.

Price is now moving back into the 115 area and a break and retest of this level could then open the room for a short trade lower.

Just below 114.50 is a demand zone which could keep price from falling lower initially.
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