NDOBObanks

EURJPY SHORT (Mean Reversion)

Short
OANDA:EURJPY   Euro / Japanese Yen
Confluences:

1: Stop loss hunt at previous high on weekly level plus a breakout.
2: Price heading towards high of the June(2021) which is an important supply zone with many retail stops.
3: Price has been moving very quickly which signals an over extended market for the pair.


Summary:
Price is currently over extended and has been moving in a up trend for 2 almost weeks straight. We are looking for a potential stop hunt at the high of June where many retail stops may be sitting.
There's is a potential for strong mean revision to take place allowing big players to hunt some stops and grab some liquidity before we see a continuation to the upside in a few weeks to come.
This trade is expected run for the next 8-9 trading days or until the target is reached, whichever comes first. Always remember to Buy to the low and Sell the high. We will see how this current weekly candle closes before looking for any entries early next week.
Comment: Price has reached supply area. We will wait and see how it reacts around the high of June. We will also watch how the current weekly candle closes in order to make adjustments to targets if needed before entering the trade early next week.
Comment: The trading weekly has ended and the weekly candle has closed. We have adjusted our targets and will start looking for an entry early next week. Trade is expected to run for roughly two weeks or until target is reached, which ever comes first. Stops will be moved from half risk to breakeven as the days go.
Comment: This has been quite an aggressive move to the upside. We have entered the trade and we will let it run for 6 - 7 days. We are expecting some crazy volatility due to the setup taking longer than expected to playout.
Comment: Crazy price action!!! Price is moving in expected direction. Took longer than expected
Comment: Target hit