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- EUR/JPY Price Analysis: Bulls firming into key H4 resistance
EUR/JPY Price Analysis: Bulls firming into key H4 resistance
- EUR/JPY bulls taking on the bears at key H4 resistance.
- Daily accumulation could be in play and a trend continuation could be on the cards.
EUR/JPY is attempting to make a break for the topside and is climbing its way out of daily support following a corrective stage which could turn out to be a phase of reaccumulation. The following illustrates the market structure from a daily and 4-hour perspective:
EUR/JPY daily chart
The price made a deep correction from the daily highs and has spent a number of days in consolidation. However, the bullish price action, while encouraging, could be short-lived unless the bulls can crack the 4-hour resistance.
EUR/JPY H4 chart
EUR/JPY is meeting resistance near 135.50/60. The W-formation is a bearish feature as well, with the price expected to revisit the neckline of the pattern. Should this hold, then the bulls might be encouraged to move in at a discount with a view to taking on the bearish commitments again at resistance.
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