FX.co ★ jerome82 | EUR/JPY

EURJPY M15 The pair bounced off the support at 161.298. It was trading near the resistance at 162.062. There was buying volume here, triggering buy limit orders. On the pullback, the pair moved higher, reaching the resistance at 163.172. The resistance was broken here, followed by market volume, forming a range, triggering sell limit orders. When the pair attempted to move above this range, it reversed lower, reaching the support at 162.062. It bounced off the support, moved towards the support. It corrected, and I believe it will go lower towards the support at 161.298 because there is no resistance to the upside.