Today pair changed direction one more time.

eurjpy

When we were expecting that blue marked support will be broken, price respect it and start to head its way up again. I pull Fibonacci and noticed first confluence level at 50% retrace and marked blue role reversal area. So till then trading is risky, since price could go in either direction. I will wait if price will come to 50% retrace and then move on 4h or 1h chart and look for rejection or break of 50% retrace and try to gather enough info for long or short trade.

Fundamentally those two currencies are both very weak, since both countries are practicing quantitative easing.

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