Observing upside potential on EURJPY as 123.5 level holds

OANDA:EURJPY   Euro / Japanese Yen
We're currently monitoring two key levels. Over on the 4-hour time frame, the lower 123.105 level held up as price made a stronger bullish move to the upside. While entering on that level seemed premature, the price drift to the higher 123.5 level is a good indication that selling pressure remains rather weak. If the price drift holds above this latest level on the open, there could be a potential long entry here.

Here's a closer look at the price drift:

Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions.


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