EUR/JPY has been moving in a strong uptrend for the last 24 hours, and has come up to a strong resistance zone @126.120 a few hours ago.
From the resistance area @126.120, EJ has rejected and started to move in a sense to the downside, but due to invalid market volume, EJ has found itself in a tight range between 126.040-126.120.
The next time volume will come into the market is at 11pm GMT on Asian open which should push EJ further to the downside towards 125.940. If there is a break of 126.040 and a bearish candle closes either at or below this level, then there is a high chance for EJ to continue to the downside.
I will update this idea if an entry point becomes valid. Feel free to like this post if you agree with my analysis. Follow me for notifications when I post.👍
Trade active
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Entered on the break of 126.040, lets go!
Order cancelled
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Exited out of trade and managed risk as soon as the trade came back into my entry @126.040. The trade came into profit for a little while but very quickly took a sharp turn. It all now depends on where the market moves from here for another potential entry. Until then I am out