EURJPY MARKET ANALYSIS

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Hello traders and welcome to another Monday, the start of a new week in the markets with fresh opportunities to kick it this week. I hope you all had a good weekend and you're ready to tackle the markets. Into the markets this week, I'm looking at EURJPY where market opened this week with price inside a key H1 & H4 supply zone at 142.655 & 142.122 which is the origin of the previous drop to the H4 demand at 138.256 & 137.510. Price has filled the H1 & H4 range from the key H1 & H4 supply to the H4 demand and back to the key H1 & H4 supply zone. Price gapped into the zone then rallied and formed a rejection wick on H4 with candle close inside supply followed by a strong H4 bearish candle to 142.122 showing a potential reversal.
Price activated my pending sell limit orders during Asian session at 142.700 with SL at 143.050. Setup taken is a rally base drop, a reversal setup. Price dropped in 4 strong H1 bearish candles to 142.122 confirming the bearish reversal. Took a scale-in sell position during London session at 142.300 with SL at 142.600 and my 1st target is at the H1 & H4 low at  140.000 before price either shifts or continues dropping to the next H4 demand at 138.256 & 137.510.











Price dropped 70 pips to the 1st H1 low at 142.000 then rallied back deep into supply at 142.600 hence hitting the SL of my scale-in position but my positions from 142.700 are still running. Price rallied back into supply and formed a rejection wick with candle close inside supply followed by a drop back to 142.280 showing that the bearish sentiment was still valid. Price retraced to retest supply at 142.300 forming a rejection wick with candle closes below supply followed by a strong drop that took out the H1 low and dropped lower confirming a shift in market structure to bearish. Price dropped in strong momentum to 141.160, retraced to 141.505 then dropped lower again in strong momentum to 140.300. Price dropped 240 pips to 140.300 as it approaches the H1 & H4 low at 140.000 which is my target. Price has filled the H1 & H4 range from the H1 & H4 low at 140.000 to the key H1 & H4 supply zone and back to the H1 & H4 low at 140.000.
R:R = 1 : 9














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