EURJPY | Sell Idea after the FED

EURJPY broke below 159 in the hours leading up to the FED, and as per the manual, the yen gained strength before the most anticipated event of the month. Now the price is in a reversal zone, specifically around the 62-78 Fibonacci levels, and I anticipate a retracement to the 160 level where a supply zone has just been formed after breaking a crucial swing low. When the price returns to the 160 level, I will consider a short entry if the market on the H4 chart retraces to crucial Fibonacci levels, forming well-defined spikes, and if on the M15 chart, the price structurally breaks downward. Always keeping in mind the presence of a midnight spike indicator, I will enter the market only if there is a recovery margin of at least 1.5%, risking 1%. Therefore, it will be crucial to assess whether the descent is free from liquidity constraints. Greetings and happy trading to all; the FED meeting awaits us.

Comment:

This morning during London Session market took the liquidity below the reversal zone as indicated in the graph, now I'm waiting for a significant M15 reaction