EUR/JPY Price Analysis: Bulls in control from 4-hour support

EUR/JPY is holding hourly support with prospects of a test of immediate resistance.
Bulls engaged for an upside continuation on the daily charts.

Ross J Burland FXStreet

As per the prior daily and 4-hour chart analysis, EUR/JPY Price Analysis: Bulls setting up for higher daily highs to 130.45, EUR/JPY's upside remains in play.

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 buy limit order will open a position for a 1:3 risk to reward set up to target the 130.40s.

Live market, 4-hour chart

In a perfect touch of the entry point, the price has since been taken higher with bulls fully committed to the upside.

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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