EUR/JPY Price Analysis: Bears waiting to pounce below 143.70

EUR/JPY m,oves in on the countertrendline bneat 143.500.
Bears below 143.70. could see a move to target 143.20 142.90/00 thereafter.

Ross J Burland FXStreet

EUR/JPY is correcting firmly on the bid to restest resistance structure near 143.50 but there is a bearish bias while the bears commit to this area for the days ahead as the following illustrates:

EUR/JPY M15 charts

EUR/JPY was driven out of the bull trend last week but failed to break any significant structure to the downside so has moved sideways above the 142.80s, trapping both shorts and longs in the process. This trapped volume has the potential to result in a breakout one way or the other week.

Zoomed in...

If we zoom down to the microstructure in a new week's template, we see that the initial balance is tilted to the upside, taking the price towards potential buy orders above 143.50. However, bears could be lurking around here as well if not higher up near 143.70. 142.90 is eyed on the downside.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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