Looking at EurJpy we could see a sell setup potentially forming. Overall market structure is showing us that price is in a bearish correction movement during a bullish uptrend. Although we've had quite a bullish rally the past 2 weeks on this pair, it didn't break any major structures in the market that invalidates our bearish continuation.
When price approached the Daily Significant Level, we seem to be showing bearish rejection away from the level. If we scope down to the H4 charts, we could notice strong, intentional bearish candle closures away from the level multiple times.
Although many could just place a sell order right now considering the bearish rejection from the level is significant, I'm waiting to see if price could pullback to a minor zone that was created as support before continuing its bearish rally. If price could come back to this zone and show bearish rejection, I'll most likely pull the trigger on sells. But either way, still bearish bias on the short term for this one.
When price approached the Daily Significant Level, we seem to be showing bearish rejection away from the level. If we scope down to the H4 charts, we could notice strong, intentional bearish candle closures away from the level multiple times.
Although many could just place a sell order right now considering the bearish rejection from the level is significant, I'm waiting to see if price could pullback to a minor zone that was created as support before continuing its bearish rally. If price could come back to this zone and show bearish rejection, I'll most likely pull the trigger on sells. But either way, still bearish bias on the short term for this one.
