EUR/JPY Price Analysis: Breakeven worst case scenario, target 130.40
|- EUR/JPY bulls holding the price up at 4-hour support.
- Now at breakeven, the bulls continue to target 130.40 in a daily bullish impulse.
As per the prior analysis, EUR/JPY Price Analysis: Bulls in control from 4-hour support, the pair has indeed continued to move higher to a breakeven scenario as the market gets set for the do or die Nonfarm Payrolls event on Friday.
Prior analysis
''Bulls need to get over the initial resistance and the 21-moving average.''
4-hour chart
On a retest of the 21-moving average and/or the structure, a position for a 1:3 risk to reward set up would be in the making to target the 130.40s.
4-hour chart progress
The price has since been taken higher with bulls fully committed to the upside.
Live market, 4-hour chart
Despite the big moves on Thursday following Federal Reserve Jerome Powell's WSJ live webinar, the cross has held at support and would be now expected to move higher.
However, it could potentially be caught in the crossfire of Friday's NFP event.
That being said, an inline or worse than expected report could see the US dollar give back some ground to the euro and help to propel the cross towards the target.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.