EURJPY Long term directional Bias still Bullish

Monthly Chart

The long-term Directional Bias on the Monthly timeframe is still Bullish. However, the pair is approaching July -Aug of 2008 and I am expecting liquidity candles to be tested around that area between 168 and 170 levels as well as MC levels.

Last month's candle (Nov 2023) closed with a big wick candle, while it is still bullish. This month opened from the body of the previous month's candle and started moving lower. The overall trend is still bullish.

Weekly Chart

Last week candle closed as a bearish engulfing candle suggesting a lower move. However, I am waiting to see if the price will pause and move higher at the next demand zone around 157.60. or it breaks it and continues towards the next demand zone at around 154.74 level.

Daily Chart

Last week EURJPY bounced from the upper MC and formed an M pattern suggesting the move to be bearish as this is a counter-trend movement towards the next demand zone. I am still looking for buying opportunities near the 158 level or even lower at around the 155 level.