EURJPY Analysis (12th April 2024)

Market Analysis PT2/2 (12th April 2024)

EURJPY Analysis

On the 4 hour timeframe, price action has created a a nice support and resistance of about 40 pips wide. This tells us that price on EJ is currently consolidating.

There are 2 potential scenarios here:

1) Price pushes higher, breaking through the 4 hour resistance, and retesting it before going higher. I am leaning towards a bullish Bias due to how the higher timeframe on the weekly and daily is also bullish.

2) IF price decided to break the support, i will wait until the over all Daily Orderblock fails, before looking for potential Sells.