EUR/JPY has been in consolidation since the beginning of the month.
As we can see on the 4H chart, the prices are in between the 200 EMA and 50 EMA. Meaning that a breakout in either direction is imminent. Most probably a bearish breakout since the 8H confirms weakness.
SL should be put above the 50 EMA on the 4H chart, preferably a few pips above it to leave enough space for the pair to move in case of volatility.
*If the pair does not break the 131 level but rather finds support on top, then we would have a breakout to the upside.
Trade safe.
As we can see on the 4H chart, the prices are in between the 200 EMA and 50 EMA. Meaning that a breakout in either direction is imminent. Most probably a bearish breakout since the 8H confirms weakness.
SL should be put above the 50 EMA on the 4H chart, preferably a few pips above it to leave enough space for the pair to move in case of volatility.
*If the pair does not break the 131 level but rather finds support on top, then we would have a breakout to the upside.
Trade safe.