EURJPY MARKET ANALYSIS

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 Hello traders I hope you all had an amazing weekend and are ready to tackle this new week in the markets. Into the charts today I'm looking at EURJPY and GBPJPY whose analysis I'll drop on my next post. EURJPY price dropped to a major H1 & H4 demand zone at 138.299 & 137.689 which is the origin of the previous rally to the H4 high at 142.730. Price has filled the H1 & H4 range from the major H1 & H4 demand zone to the H4 high at 142.730 and back to the major H1 & H4 demand zone. Price dropped into the H1 & H4 demand and formed a rejection wick on H4 with candle close above demand followed by a bullish push away from demand. 
Took buy entries during London session at 138.715 with SL at 138.270. Setup taken is a drop base rally a reversal setup and my target is at the H4 high at 142.730.












Price rallied in form of a strong bullish candle on H1 to 139.200. Price slightly consolidated before breaking the H1 high at 139.200 and forming a higher high at 139.500 confirming a shift in market structure to bullish and also confirming the bullish bias.  Still holding my positions as I wait for more momentum to kick in as there's an expected fundamental release by the BOJ which will affect all yen pairs.






Price rallied 100 pips to 139.600 then dropped back to retest demand at 138.256 before the major rally. Price took out my entries during the retest back to demand hence hitting my SL. Price dropped to demand, formed a H1 bullish engulfing with candle close above demand. Price dropped again to retest demand then strongly rallied 330 pips in strongly bullish candles to 141.56o during Asian session after the BOJ report release confirming the bullish sentiment and still showing more bullish potential.



















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