Thoughts on EUR/JPY:
Obviously, we have power on both sides of this range. When it just looks like it is about to breach, a strong candle appears to smack it back down.
This movement started slowly with sharp retracement ( as you can see from the circles )
The recent move looks smooth but it got crushed by 3 candles exactly on the same way (from the top of the range) at almost 100% to the recent S/R.
Judging from the wicks in this zone we can expect some kind of a rally towards the top again and if this rally fails this
could be our opportunity for a sell towards the botm with decent risk reward ratio.
However, we will have to keep an eye on this current area ( once we short this ) towards our way down.
I will update for potential entries.
This is an opportunity for the next week ( 04.12 - 08.12 )
TP - 132.20
Watch 133.20 as well