EUR/JPY'S FUTURE?!?!?!

17 sept 2023

Hi Guys

Price action is similar to GBP/JPY..

What you see in front of you is EUR/JPY on a 2 WEEKLY time frame -

we can see since the 14th August - 28th August price has been trapped in a 100 pip box betwwen 159.000 and 158.000.

SPIKED into 159.000 3 times (yellow markers)while making higher highs (maybe to trigger and trap more buyers into long postions)

the lows are currently spiking into some fib levels 0.5, 0.618,157.000 (psycological round number) and spiked onto a WEEKLY ema.

it is unclear for me until the 2 week candle closes in 5 days - i would need to see a bearish candle break and close below 157.000 to have a short bias or breaking and closing above 159.000 for a long bias

time will tell

share your thoughts !

:)