Technical Analysis:



EURJPY formed a bullish reversal daily candle close at MM1 - bears profit taking zone for the month. It is also in confluence with 38.2% Fib level of daily structure high. As a bull on JPY pairs, I'd go into smaller TF and look for buying opportunities.


On 4hr, price also came off of 4hr support in confluence with WM1 - where bears took their profit for the week. Bullish engulfing candle on 4hr close would be another good indication to consider going long on this pair.


on hourly, price broke and close above the trendline. If price consolidates above the trendline, I'd consider going long somewhere between 38.2 -61.8 Fib level.


GBPJPY is another JPY pair on my watchlist. Prize is getting squeeze in an apex of a triangle. A triangle formation could breakout either direction. If you consider the daily structure high-(circled in RED) as your first impulse, then we could expect price to break to the upside. Conversely, if you consider the 4hr structure low - (circled in BROWN) as your first impulse, then we could expect price to break lower. In this case, I'm a bull on all JPY pairs, so I'm obviously bias this could break to the upside. Regardless, a break on either direction would gives us some nice price movement. Pick you line on the sand and watch out for this break as well.

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