EURJPY bulls running out of fuel

After a prolonged period of escalating prices, the EURJPY exchange rate is presently in a phase of consolidation. This trend has persisted since the commencement of September 2023, characterized by a relatively constrained trading range. Notably, recent developments suggest that the bullish sentiment has failed to propel the price to fresh highs, despite earnest endeavors.

In light of these circumstances, an auspicious opportunity arises for us to initiate a short position, offering a Risk-Reward Ratio (RRR) of nearly 2:1. Our objective is to exploit selling liquidity within the vicinity of the lower boundary of the consolidation range.