- EUR/JPY bulls stepping up to the plate, eye 130.40s.
- 4-hour conditions turning bullish on a break above current resistance.
Further to the prior analysis, EUR/JPY Price Analysis: A 50% mean reversion of daily impulse on the cards, EUR/JPY did indeed eventually correct and has subsequently held at support.
This gives rise to the prospects of an upside continuation, as illustrated below.
Prior analysis, daily chart
Live market, daily chart
The price extended to the upside but failed to maintain the bid, leaving a compelling wick on the weekly chart as follows:
This wick would be expected to be filled in as it merely represents the daily correction to prior resistance which has held the initial tests of a decelerating retracement according to the 4-hour chart:
Bulls need to get over the initial resistance and the 21-moving average.
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