EURJPY forex technical analysis | Our expectations:
Broad consolidation and price in the bottom part of it. If you’ve tracked the EURJPY Consolidation Trading Strategy with RSI (8), it’s time to start looking for purchases.
The RSI (8) has rotated below 30 and crossed over again, indicating an oversold zone and opportunity for purchases.
The presence of 9th from DeM Sequential allows us to wait for a test at 125.45 to minimize risk.
SL must be set apart at least a little below the last bottom or at 124,60.
Alternative Scenario: If the price goes under the diagonal support and keeps below, at least 3 closed whole bars under the support, it will be the current resistance and the positive scenario will be spoiled.
Trader Nikolay Georgiev