EUR/JPY’s 4-hour chart shows a bearish channel breakout. The pair needs to clear a newfound resistance at 121.38 to validate the bullish breakout. EUR/JPY violated a bearish channel on July 25, confirming a short-term bearish-to-bullish trend change. The upside, however, has been capped at 121.38 ever since. As a result, 121.38 is the level to beat for the bulls. A break above that level would reinforce the channel breakout and open the doors to the bearish lower high of 122.32 created on July 10. On the way higher, the pair may face resistance at the 50-day moving average, currently at 121.75. Supporting the bullish case is the daily chart moving average convergence divergence histogram, which has crossed above zero confirming a bull reversal. The bullish case would weaken if the pair finds acceptance below 120.73. As of writing, the pair is trading largely unchanged on the day at 121.08. 4-hour chart Trend: Bullish Pivot points 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 Gold: Off recent highs as buyers remain cautious ahead of FOMC, trade headlines FX Street 4 years EUR/JPY's 4-hour chart shows a bearish channel breakout. The pair needs to clear a newfound resistance at 121.38 to validate the bullish breakout. EUR/JPY violated a bearish channel on July 25, confirming a short-term bearish-to-bullish trend change. The upside, however, has been capped at 121.38 ever since. As a result, 121.38 is the level to beat for the bulls. A break above that level would reinforce the channel breakout and open the doors to the bearish lower high of 122.32 created on July 10. On the way higher, the pair may face resistance at the 50-day moving average,… 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.
