EURJPY Correction underway?

After the pullback on EURJPY during the NY session from multi years high,Is the long awaited correction on EURJPY finally here?

Looking at the 4hr,1D and 1W charts, it’s overly stretched and the RSI indicator is showing overbought conditions.

Positive economic dynamics from the Euro sector has been supporting the Eurjpy’s uptrend for long as rising yields is supporting the dollar thereby undermining the Japanese Yen.

In other for the uptrend to stretch through 133-137,price needs to correct in respect to overbought conditions just like the GBPJPY correction awhile back.

What do you guys think about this pair?.

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At 7am BST it’s shorting at 131.795. At least in the short term, it’s a scalping opportunity.

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There is definitely room for a pullback. Its all about checking your rules and see if they match to what the market is showing

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It’s a nice entry point and has been hit as of now.

Sure… thanks for the engagement.

Yeah I see it happening soon, but market structure is still bullish.

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Well the pair has moved almost 100pips down from yesterday’s high…so soon or started already?.

Personally, I would not short this right now. I would be waiting until late Monday or Tuesday for confirmation on daily candles. Fridays and Mondays are often backwards IMO.

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EURJPY showed some bearish pressure today. Do you think this bearish pressure will continue?

Personally I feel it will continue…the correction is needed in order for the pair to record new highs.
Let’s see how Monday goes.

Nope, look on the daily, pulling back to go higher imo.

Two trading days later and here we go…you can also checkout Monday’s candle.

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