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  • EUR/JPY is lacking a clear directional bias for the second day. 
  • Thursday’s high is now the level to beat for the bulls. 

On Thursday, EUR/JPY created a Doji candle at the resistance of the trendline falling from Sept. 1 and Sept. 10 highs.

The pattern indicates indecision in the market place, and so does the two-way business seen so far today. 

The pair is currently trading at the trendline resistance at 124.58, having clocked a high and low of 124.77 and 124.51 early today. 

Acceptance above Thursday’s high of 124.88 would imply a bullish breakout and open the doors for 125.28 (61.8% Fibonacci retracement of the September drop). 

Alternatively, a close below Thursday’s low of 124.36 would confirm a bearish Doji reversal and could yield a drop to 123.84 (Oct. 7 low). 

Daily chart

Trend: Neutral

Technical levels