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  • EUR/JPY bulls seeking an upside extension now that conditions are bullish. 
  • Pair breaks through resistance and a restest of the structure opens prospects for fresh daily impulse. 

Further to the start of the week’s analysis, EUR/JPY Price Analysis: Bulls seeking daily upside continuation, the price has indeed got over the initial resistance and the 21-moving average, resulting in a setup.

Prior analysis, 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. ”

Live market, 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. 

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