EURJPY – Breaks Key Support Zone & Balancing Structure | Jun 10

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EURJPY – Corrective Balancing Structure Broken (4hr chart)
After ranging for most the month, the EURJPY broke the range stalemate taking out the range lows and key support (little bit of a surprise).

Since then the price action has been corrective below the range lows and balancing structure around 139 with several upside rejections suggesting intra-day selling interest.

I’m ST bearish on the pair and expecting a move lower, likely towards 136.83 before bids step back in.

Only a daily close above 140.50 negates my ST bearish bias, but this is the first major structural break for this pair to the downside in a bit so may see some further unwinding.

ej

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