EURJPY Daily S/R| 200 MA|.50 Fibonacci| Swing High

Evening Traders,

Today’s analysis – EURJPY – rejecting from liquidity with a bearish engulfing, price is likely to find support at Local S/R.

Points to consider,
- Price Action Reverting
- Local S/R support (.50 Fibonacci Confluence)
- Daily S/R Resistance
- RSI Bullish Control Zone

EURJPY’s immediate price action is approaching Local S/R which is in technical confluence with the .50 Fibonacci, price action has an increased aprobability of bouncing here.

Swing High is the current objective, exceeding this level will increase the probability of testing Daily S/R.

Current RSI is trading in its bullish control zone, mantining these levels will indicate strength in the immediate short term.

Overall, in my opinion, EURJPY is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember,

“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee