Hey guys,
So looking at EURJPY, i'm waiting to see what price action will do around the area that it's in. (blue rectangle) It's a major reversal zone. Looking further on, the red line around the 134.400 area is the 61.8 retracement on the monthly timeframe. RSI is also in my overbought area. Price hasn't broken this area in quite some time. I drew a potential short move (red arrow) and a potential pullback and continuation (green arrow). I'm personally leaning towards a short, but we'll sit tight and see what happens and react from there! Will keep a close eye here. Happy trading!
So looking at EURJPY, i'm waiting to see what price action will do around the area that it's in. (blue rectangle) It's a major reversal zone. Looking further on, the red line around the 134.400 area is the 61.8 retracement on the monthly timeframe. RSI is also in my overbought area. Price hasn't broken this area in quite some time. I drew a potential short move (red arrow) and a potential pullback and continuation (green arrow). I'm personally leaning towards a short, but we'll sit tight and see what happens and react from there! Will keep a close eye here. Happy trading!