- EUR/JPY is holding hourly support with prospects of a test of immediate resistance.
- Bulls engaged for an upside continuation on the daily charts.
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.
1-hour chart
From an hourly perspective, there are prospects of a 10/21 SMA bullish crossover and MACD turning higher with the price destined to challenge the immediate resistance again.
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