As of right now, many of the JPY pairs are showing signs of reversal to include AJ, EJ, CJ among many others. Others such as CHFJPY have managed to keep the bullish structure. (CHF has always been a strong trending pair).
However, as we can see on the chart, EJ completed a 3 bearish drive pattern to the downside but recently on the fourth push did not manage to break the previous low. It is currently sitting at resistance therefore a trade with low risk cannot be open right now. If price manages to break that resistance then long positions could be taken with a proper Fibonacci level entry. In my opinion price will break structure since usually bearish structures usually only do 3 to 4 drives before price switching, t
However, as we can see on the chart, EJ completed a 3 bearish drive pattern to the downside but recently on the fourth push did not manage to break the previous low. It is currently sitting at resistance therefore a trade with low risk cannot be open right now. If price manages to break that resistance then long positions could be taken with a proper Fibonacci level entry. In my opinion price will break structure since usually bearish structures usually only do 3 to 4 drives before price switching, t