EURJPY BUY LIMIT

EURJPY

Preference:
Rising labor costs can have an adverse impact on the overall production cost of firms, which may compel them to pass on the additional financial burden to the final consumer. This, in turn, can potentially heighten the prices of goods and services, thereby exacerbating the already existing inflationary pressures.

Due to the effects of the labor costs. Price took a sharp fall to retest the previous level of support, moving in a perfect downward channel. Price rejected at this is to once again test the high of our channel. It looks like we have a bullish flag pattern forming on the higher time frames. If a breakout occurs, I'll look for the highs to be retested.
Alternative Scenario:
At present, the price is closely observing the downward trend line, which suggests that the market is experiencing a downward trend. The bears seem to be in control, putting the current momentum at risk of continuing the downtrend.