EUR/JPY Trapped in a Consolidation Pattern
|The EUR/JPY has been consolidating close to POC zone with M emerging pattern shaping up. The POC 121.15-30 (trend line, ATR pivot, 78.6, order block) is also very close to H4 camarilla resistance and rejections from the zone could confirm M pattern. Rejections from POC targets 120.75 and a break of 120.70 targets 120.54, 120.15 and 119.90. If the price spikes above 121.30 we might see 121.65 that is the top of ATR projection. As long as the EUR/JPY is capped below 121.65, chance for a bearish continuations are good.
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