The EURJPY faced very significant buying presure as it it sold into its demand zone in today's trading leading to the giving off off all previous strength the yen exercised over the Euro. This event lead to the formation of a Pin Bar Trade Setup. Its important to note that the demand zone also coincided with the ascending trendline on this pair. A pin Bar at support at support as we have here should lead to more bullishness, however, there is an obvious supply zone just above as shown in the picture above. If the pair manages to break above this supply zone, we would be in for a new round of buying frenzy on the pair which could send the pair as high into 133.50 or there about.
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