I haven’t traded EURJPY for over a week and generally try and avoid any pair in clear consolidation; I prefer to establish a position on wider parameters which give me a chance of a better risk/reward on a wider time frame.
Or, I will look to trade a breakout…
Mike earlier mentioned selling interest in the 122.00/10 band which is just under the .382 from the 6th February down move. Makes sense.
An enthusiastic break of the green trend (resistance) line ( which may coincide with stops above the selling band) would take us to the .5o fib of that same move down at 123.20; break of channel support should find buyers at 120.80.
EURJPY H4
