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:
In case of a bullish breakout of resistance of the range,
bullish continuation will be expected
Next daily resistance will be 131.07
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.