EUR vs JPY Sitting At Major Support

FX:EURJPY   Euro Fx/Japanese Yen
This past week the EUR vs JPY gave us a 400+ pip trade as I have discussed and you can watch the trade setup here: and also watch the update to the trade setup here:

That leads me into what we are looking at this upcoming week! First of all my long-term bias is bearish but for the upcoming week we might see price correcting itself. Currently we are sitting at a strong support zone at 126.731 & 126.093 and price appears to be rejecting this level as we see some buying pressure enter the market. More than likely we will not open up the week lower than the support zone so that would probably lead to a retracement. Our levels of retracement are the blue Kijun line and the Kumo Cloud. Unless price can violate the bull fractal sitting at 132.0 then the bias remains bearish as the market follows structure. If price eventually violates the support zone be prepared for a fall down to the 119.29 area. With all signals on the Ichimoku system bearish we should follow the strength of the market and remain with the bears. Until next time have a great trading week and God bless!

ChaosTrader63 Managing Director & Trading Coach - Look At The Financial World With A New Glance
Twitter: @ChaosTrader63
Great explanation, we will see what this week will bring us! Thanks!
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