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FX Price Action – EURJPY Inverted Pin Bar Rejects Upside | Mar 12th
Trying twice to clear out the 126 figure, the pair failed to take out the upside. It found buyers at the dynamic support and 20ema, which then took a third stab at the upside, but failed, forming an inverted pin bar in the process. An inverted pin bar is simply a failed attempt to rally, so there are some decent sellers up there.
Any corrective price action moves up there short term can be opportunities to sell, while buyers will want to look for a deeper pullback towards 122.83 or 122.20 before looking to get back long with the trend being this mature.
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