EUR/JPY Price Analysis: A 50% mean reversion of daily impulse on the cards
|- EUR/JPY bears lurking as price stalls at fresh highs.
- Daily time frame raises a bearish bias for the near term.
The price has indeed extended to the upside slightly following a test of old resistance.
Meanwhile, the price would be expected to correct to old resistance which has a confluence of a 50% mean reversion of the bullish impulse.
Daily chart
Hourly chart
The price needs to break below the support structure and develope a bearish structure from a lower time frame's perspective, such as the hourly chart.
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