EUR/JPY BUY IDEA

17 Tem 2019

as we can see here on the EUR/JPY chart that, the currency pair has been trending within a sideways trend, also known as consolidation. here the market has been testing and rejecting in 2 strong support and resistance levels. as seen from before when ever the market had approached the support level, that the market tested, created confirmation of structure and then went in the other direction. and right now the market is doing the same again, it has approached that level and slowed down in momentum, (candles become more choppy), and has tested the level with a couple of long wicked candles, and is slowly showing signs that it is now going to be changing momentum back to the upside. also with a low and crossing stochastic, this indicates that the market is over sold and will should me changing direction soon. due to this type of structure we are going to wait to see more strength in the structure before we will be looking to go long on this pair.