Home EUR/JPY Price Analysis: Bears seeking an extension to channel support
FXStreet News

EUR/JPY Price Analysis: Bears seeking an extension to channel support

  • 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…

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.