EUR/JPY

closed for 7pips

Sold from 143.6

back to where it was yesterday, but I don't expect a breakout to the top

it is falling like crazy

I'm going to wait for the rally to stall out after Thursday. The ECB probably won't be too hawkish. Inflation is still out of control in the EU. Russia probably won't turn the gas back on Thursday. There is still a risk of fragmentation in the EU. All of this is really bearish for the EUR and the biggest dump will be in EUR/JPY.

Stay long above these two levels

141.33

secondary level

141.14

If you haven't noticed they Yen has been manipulated to bring all crosses to higher levels against the US Dollar. I still don't see them stopping yet.

Notice even during the fix how extraordinarily tight the range is. That is how you know price is being kept up. Place stops at the lower secondary level motioned 141.14.

JPY index is terminally low and is headed to test the Jun 8 low.

EURJPY is destined to retrace the May 7th high. There is liquidity all though out that peak. There is also some good resting sell orders that would be a mistake for any broker/liquidity provider to go through and come back down on the way to said peak.

These moves have very little to do with anything fundamental. It is a retrace to old liquidity and to take out as many shorts as possible. I don't see any remarkable pull back on the way to the retest of that high in may 7th based on the velocity and how this pair closed and opened.

Price has broken out of the upper channel line. This is were the brokers make their money by taking out shorts that haven't covered.

Currently the path above to 141.90 is primed.

Intraday long still hasn't been invalidated

I would be extremely surprised if they take it below 141.30.

Still don't see any reversals on the bigger time frames.

Broke through 141.33 - consider flattening out.

Stop at 141.14 still stands I'll be seeing it though all the way to 141.

There's a gap 141.23 on the 15min. Lets see it that's what the liquidity algo is after....

Be mindful of taking new positions at these kinds of immediate instances. Even though it would make sense that it would revert to an intraday mean - inline with the greater trend, but this is the Asian session and liquidity is still low. It also depends on how your account is handled and who your broker is...this is a whole different subject.

Getting back, this isn't an area of any visible interest...what I mean by that is an area where the entire market will make a decision. Best example is a range top or bottom. A simple line for trend or support/resistance where all the players are looking at - preferably the hourly chart and NOT something only you can see. As much of your criteria should be in-line at this point. You need to be very very discriminate on where and when you enter a trade. Yes, we all have made money on shitt random entries. I profess to you though, that has cause me more harm than good because it reinforces shitt trading. This will reduce the amount of opportunities and you will get tested with FOMO, but I tell you if you let this take over it will be a very bad habit.

So be very methodical.

141.90 hit last night

To reiterate to those of you with clear, open and willing to learn minds. Look back at this pair and see how I've told you in the above quote became true. The price is hitting the channel's extremes until there's a break....a huge signal and a different topic.

This is how you trade and it is how the big traders are doing things. It is even stronger on the 4H charts, but you will have to be more patient. I still use the 4H in conjunction.

There may be a lot of "noise" at these points due to different factors - one of which is not everyone's feed is the same.

If you don't see an obvious formation you WAIT it out, let the market show itself. This is a basis of how currency traders trade. Use it with your favorite indicators, but keep it SIMPLE and uncluttered. There's enough that you have to cover besides just entries and exits....

i think this pair will dump hard from current levels today, if not, then it will rally briefly and then dump later

where is the rally? all i see is

try to shorts EJ..