- 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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