The more bullish movement was expected in previous week analysis. Price moves up and hit 130.26 zones, however, the resistance was at 129.50.
The price is still at its resistance zone and we will look for the best price to jump in the expected bullish rally again.
I am sharing Daily and 4-Hour Technical Analysis below.
Daily EURJPY Technical Analysis
EURJPY is moving in a symmetric triangle for a couple of days. The price is moving upward after hitting the double bottom and support of triangle a few days back.
We can see a small triangle inside the symmetric formation and price is at the resistance level of that triangle. Our thought is bullish and we are still expecting 133.00 targets but we will look for the best price to jump in the rally.
The small correction is expecting from current market price towards 126.50 zones which may b the best price to enter in the next bull run.
Alternately if price fails to reverse back, break and close above the resistance in a daily time frame chart, it will be the earliest indication of a bullish continuation and could hit our target 133.00 without correction.
Please have a look at EURJPY Technical daily chart below, i have created a best possible price prediction diagram on it.
EURJPY Daily Technical Chart
EURJPY 4-Hour Technical Analysis
The descending triangle formation in a 4-Hour chart indicating that the price could remain in a range between 125.00 to 130.00 for next couple of days.4-Hour could help us to get the closest picture of the trend. The price is at triangle resistance zone and a couple of reversal candle is in favor of selling pressure from the current level. The MACD volume is also helping bears to take price towards its support zone. As per 4-Hour chart, it is expecting the price may fall down towards 126.50 and 125.00 level.
We will look for the bullish entry from the extreme bottom.
Please have a look at 4-Hour EURJPY Technical chart below, the diagram with possible movement and target levels has mentioned in the chart.
EURJPY 4-Hour Technical Chart
EUR JPY SUPPORT & RESISTANCE LEVELS
Support 1: 126.50
Support 2 : 125.00
Resistance 1 : 130.30
Resistance 2 : 132.50
Resistance 3 : 133.00
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