EURJPY settled into range after absorbing the unemployment data storm yesterday. With the exception during the European/London session which saw EURJPY moving with a high volatility, the EURJPY trade in orderly fashion not going nowhere fast with no strong incentive to add a loaded risk position nor to liquidate existing one.
The low at midday US session to the opening high of Australian/Asian session set a fibo swing retracement level. Prices went sideway at below the 61.8% retracement but did not touch the 78.6% retracement. Given that the last price reaction only retrace 38.2% of yesterday swing high to low, I foresee that EURJPY is moving downward therefore my scalping trade will be a downward bias.
