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

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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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • cheng wu

    “little bit of a surprise”… Looks like you have been surprised quite frequently the past few days, and me too… The markets have been really strange recently.

    • Chris Capre

      There is always a few weeks every now and then where the markets make me go (???).

      I think that is to be expected. No market can make sense to someone all the time.

      I’m ok with it though as its part of the deal.

      Kind Regards,
      Chris Capre