During this Monday’s session, the EURJPY cross has tested the 121 level as the pivot. The 1-hour chart shows a consolidation structure which let us two scenarios.
- Scenario A: Breakout and close above 121.27, the potential targets are placed at 121.78, and 122.30.
- Scenario B: Breaks down and close under 120.77, the potential targets are located at 120.17, and 119.63.
As extra information, the market sentiment shows that 81% of traders hold long positions.
Source: myfxbook.com
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