TI haven't traded currencies in a while as you can see I trade mostly XAUUSD but I do like a few currency pair and EURJPY has always been a favourite!
The pair is clearly ranging between ~163.00 and ~161.60.
Recent price action swept a local demand area at 162.00-ish and showed an impulsive reaction.
The market looks undecided, stuck between lower supports and that upper supply zone.
Key Levels
Upper Supply: 162.80 - 163.00 (big sell zone, likely liquidity sitting above)
Mid-demand: 161.80 - 162.10 (where the reaction happened before market closed.
Lower Demand: 161.50 and below (untested zone)
Market Bias for Monday:
I would personally stay neutral until either Tokyo or London session gives us a proper clue.
Scenario A — Bullish:
If the market holds above ~162.10 and breaks 162.50 with momentum, I could see a move back to the 162.80 - 163.00 liquidity zone.
Even better if there's a liquidity sweep of the 162.20 lows again first (trap + reversal).
Scenario B — Bearish:
If Monday open with a gap down or quickly rejects around ~162.40 - 162.50, I expect another drive into the 161.80 and possibly deeper into the 161.50 zone.
The fact that price left equal lows near 161.80 is suspicious, could be bait for a sweep.
Only trade the breakout if it confirms with momentum.
The pair is clearly ranging between ~163.00 and ~161.60.
Recent price action swept a local demand area at 162.00-ish and showed an impulsive reaction.
The market looks undecided, stuck between lower supports and that upper supply zone.
Key Levels
Upper Supply: 162.80 - 163.00 (big sell zone, likely liquidity sitting above)
Mid-demand: 161.80 - 162.10 (where the reaction happened before market closed.
Lower Demand: 161.50 and below (untested zone)
Market Bias for Monday:
I would personally stay neutral until either Tokyo or London session gives us a proper clue.
Scenario A — Bullish:
If the market holds above ~162.10 and breaks 162.50 with momentum, I could see a move back to the 162.80 - 163.00 liquidity zone.
Even better if there's a liquidity sweep of the 162.20 lows again first (trap + reversal).
Scenario B — Bearish:
If Monday open with a gap down or quickly rejects around ~162.40 - 162.50, I expect another drive into the 161.80 and possibly deeper into the 161.50 zone.
The fact that price left equal lows near 161.80 is suspicious, could be bait for a sweep.
Only trade the breakout if it confirms with momentum.
Trade closed: target reached
Scenario B completed, 161.50 target reached.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.