- 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…