EURJPY (EURYEN) ANALYSIS

 Hello traders, EURJPY price rallied from the minor demand level on H1 & H4 at 141.565 & 141.053 back to supply at 144.081 & 143.614 which is the origin of the previous drop to demand. Price filled the range from supply to demand and back to supply. Took sell entries during London session at 143.615 with SL at 143.915 and pending sell limit orders at 144.100 with SL at 144.300. Setup taken is a rally base drop, a reversal setup. Price rallied deep into supply taking out my entries and activating my pending sell limit orders at 144.100 during NYSE with SL at 144.300.

 

Price formed a rejection wick on H1 & H4, candle close inside supply followed by a drop in price out of supply on H1 confirming a shift in market structure to bearish. Price has dropped 80 pips to 143.280 and is in a slight consolidation. I anticipate a retest of supply, followed by a continuation of the drop back to demand at 141.565 & 141.053 which is my target.

Price dropped 150 pips to 142.580 which is the 1st low on H1 then rallied back to retest supply and accumulate more sell orders before a continuation of the drop. Took scale in positions during NYSE at 143.615 with SL at 143.915. Setup taken is a rally base drop, a reversal setup. Price dropped 100 pips back to the previous low at 142.580 which is also the daily's candle close. I anticipate a break of the low and a continuation of the drop to demand on H1 & H4 at 141.565 & 141.053.

Price took out the low on H1 at 142.580 and continued with the drop to demand at 141.565 & 141.053 as previously expected, gaining momentum during NYSE. Price dropped 250 pips to demand, filling the range from demand to supply at 144.081 & 143.614 and back to demand which was my target. Target hit.