EUR/JPY - Creating a Higher High?
Most Likely Scenario: A move to the upside above 131.92 with targets 132.99
Alternative Scenario: Below 131.92 look for a downside move with targets 130.98
Trade Comments: Heres my thoughts with the EUR/JPY pair, currently it has had a strong momentum to the upside within the last few months showing on the monthly timeframe and now the EMAs has crossed on the weekly timeframe to confirm that. we waited for a break, close and a new candlestick formed above the weekly key level 131.17 because at this level was a previous struggle. Now on the daily time frame show a pullback/retest confirming a new higher high what we want is price to go back up to its previous resistance level which has been mark out on the chart.
Have a safe trading week!!