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EUR/JPY is trading in the green at 129.02 level and it seems determined to take out the immediate resistance levels. The pair is at resistance, so we’ll have to wait for a valid breakout before considering going long.
The bias is still bearish, that’s why we have to wait for confirmation that EUR/JPY will develop an upside reversal. It’s trapped within a down channel pattern which could represent a reversal one. The Japanese Yen could lose more ground versus its rivals if the JP225 (Nikkei) jumps higher after a minor drop.
EUR/JPY Technical Analysis!
EUR/JPY has retested the weekly pivot point (128.59) registering only a false breakdown with great separation through it. It’s pressuring the downtrend line, making a valid breakout above this dynamic resistance could signal further growth.
The pair has retested the lower median line (LML) confirming it. The median line (ML) is seen as a major and strong target. Technically, being rejected by the downtrend line could invalidated the bullish scenario and could send EUR/JPY down.
Conclusion!
A valid breakout through the downtrend line followed by a new higher high could signal a potential further growth!
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