EUR/JPY is consolidating in a narrow range on the 4-hour chart. The daily chart is reporting seller exhaustion below 120.00. A range breakout would pave the way for 121.00. EUR/JPY is trapped in a sideways channel on the 4-hour chart. At press time, the JPY cross is trading at 120.18 and the upper and lower ends of the channel are located at 120.39 and 119.73, respectively. A range breakout would imply an end of the pullback from the Jan. 16 high of 112.87 and open the doors to 121.00. On the other hand, a range breakdown could accelerate the sell-off from 112.87 and shift risk in favor of a drop to 119.25 (Nov. 14 low). The pair has carved out multiple long-tailed daily candles over the last few days, signaling a bear failure below 120.00. As a result, a range breakout looks likely. However, if the pair fails to take out the descending 10-day average at 120.44, a range breakdown and a drop to 119.25 could be seen. 4-hour chart Trend: Neutral Technical levels 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. View All Post By FX Street FXStreet News share Read Next Australia: Consumer confidence edges up – ANZ FX Street 2 years EUR/JPY is consolidating in a narrow range on the 4-hour chart. The daily chart is reporting seller exhaustion below 120.00. A range breakout would pave the way for 121.00. EUR/JPY is trapped in a sideways channel on the 4-hour chart. At press time, the JPY cross is trading at 120.18 and the upper and lower ends of the channel are located at 120.39 and 119.73, respectively. A range breakout would imply an end of the pullback from the Jan. 16 high of 112.87 and open the doors to 121.00. On the other hand, a range breakdown could accelerate the sell-off… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
