EURJPY: Learn Classic Inside Bar Pattern (Trading Plan)
on ⚠️EURJPY we see a perfect example of Inside Bar candlestick pattern on a daily chart .
An inside bar is a series of candles that are contained within the range of the preceding bar (mother's bar).
This pattern indicates market consolidation and indecision.
Inside bars typically occur as a market consolidates after making a strong directional move, you also can see this pattern at key decision points like major support or resistance levels.
We trade this pattern only after bearish or bullish breakout of a mother's bar trading range. (daily candle close)
🟢In case of a daily candle close above the underlined range,
EURJPY will most likely continue growing.
Targets will be:
🔻In case of a daily candle close below the underlined range,
the pair will start falling.
Goal will be 125.0
Due to a long term bullish on EURJPY I am bullish biased and expect more growth.
But let's wait until the market makes the decision.