EURJPY- Consolidation New York Session
11/03/2020………..1600hrs
EURJPY is currently bouncing of resistance at 119.200 area after price drove back to retest the broken support (which is now resistance) on Monday and created a new low amid COVID-19 scare.
Let’s take a look at the charts…
Daily Chart
The daily candle closed bullish engulfing the previous day candle!
This is kinda confusing for intra day trading as one candle alone isn’t enough to give the information we need in order to have a good bias.
H4 Chart
The H4 is basically consolidating; Buyers and Sellers caught up in a range collecting orders to move in either direction they see fit.
Our job as retail traders in such a circumstance is sit on our hands patiently until we can see a good clear sense of direction.
H1 Chart
A H1 close below 118.400 area would be a perfect confirmation of sellers taking control. Shorts would be valid below this price till we hit another significant support that price may decide to stall or reverse
If the first scenario doesn’t work out and a good H1 candle closes above 119.200 area, then buys would be the best.
At this hour, i will also watch out on the time because volume might be dying down as we are coming close to the end of London Session. My aim is to look for that final push before the session closes.
