EUR/JPY: Possible Reversal after Retest Bearish Order Block

29 Nis

Following its ascent to the 171.500 area, the EUR/JPY underwent a notable surge, echoing the analogous movement witnessed in the USD/JPY pair. In light of this development, our approach entails anticipating a potential retracement of the preceding bearish momentum, employing limit orders to capitalize on favorable entry points. Simultaneously, we remain vigilant for indications of a pronounced reversal, particularly in alignment with the prevailing direction of the Point of Control (POC) Volume.

It's noteworthy to highlight the robust correlation between the USD/JPY and EUR/JPY pairs, which underscores our overarching perspective on anticipating a bearish impulse in both currency pairs. This correlation serves as a significant factor in shaping our strategic outlook, as we assess market dynamics and formulate our trading strategy.

In essence, our analysis indicates an inclination towards a cautious stance, with a focus on potential opportunities for a reversal in the EUR/JPY, while keeping a close eye on broader market trends and correlations with the USD/JPY pair. This comprehensive approach aims to optimize trading decisions and capitalize on favorable market conditions as they unfold. Lastly the Stochastic indicator shows a possible correction as the the value is in overbought condition.

29 Nis

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