EUR/JPY WEEK OVERVIEW TRADING IDEA

Apr 4, 2020

EUR/JPY had been plunging all week after a touch around the 121.000 price which is a vaery strong zone and price hasnt traded above this price in 2 and half months. This plunge saw the EURJPY fall to all time low of around 116.000. Price then printed a strong kangaroo candlestick formation which touched the zone indicating a solid rejection of that zone. Following the kangaroo rejection, price formed a falling constricting just a few pips above the zone. We are expecting price to bounce of the zone/break out of mentioned setup to rally to the 118.500 price then shortly fall to pierce through the all time low price of 116.000. It is possible for us to see price continuing rallying after it reaches the 118.500 to go to the 121 zone. Look for buy opportunities when japanesse sessions opens and look for possible sells or even buys during london session open.