I described EURJPY a few days ago when the price was still in the Inside Bar. On Friday, the prices fell below IB’s lower limit (130.54) and at the end of the session reaching 130.20, the pair effectively left the formation according to the assumption from the previous analysis, and earlier attempts to exit thru the top turned out to be a “false” breakout. If the bearish scenario is to be continued, the target of supply may be a strong level of support 128.30.
For those who did not manage to enter sell orders, there may be an opportunity to join the declines, because the price on the way down will meet local support at 129.70 – where a bullish correction may occur towards IB’s lower limit and there I would look for opportunities to go short.
