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  • EUR/JPY bears lining up for an opportunity to test channel support.
  • EUR/JPY otherwise trapped between daily support and resistance.

As per the start of the week’s analysis, EUR/JPY Price Analysis: Bears seek break of daily support, bulls anticipate monthly higher-high, the cross is consolidated between support and resistance still. 

However, there could be an opportunity for traders within the channel and the 1-hour time frame is offering prospects of a downside continuation as follows:

However, while there is clearly a bearish bias, there is plenty of structure on the lower time frames that should be considered, such as the 15-min and potentially further upside left in the correction:

More to come…