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  • Vasily Trader

EURJPY: Inside Bar & Complete Indecision



EURJPY is trading on a strong daily key level.

The price formed an inside bar formation on that signifying complete indecision.


On 6H time frame we can see in detail how the price acts:

the pair is stuck within a narrow horizontal trading range.


130.75 is its resistance

130.15 is its support


From a current perspective I see two potential scenarios:

Bullish

In case of a bullish breakout of resistance of the range,

bullish continuation will be expected


Next daily resistance will be 131.07


Bearish

In case of a bearish breakout of support of the range,

bearish move will be expected


Next support will be 129.675


I am on a bearish side and will trade only in case of a bearish breakout,

but who knows.

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