EURJPY Forecast
The EURJPY continued its bullish correction yesterday, topped at 109.06 and now struggling around the trend line resistance as you can see on my h4 chart below. The bias remains bullish in nearest term but note that we need a clear break above the trend line resistance to cancel the major bearish outlook and take us to a new bullish phase especially if price able to make a clear break above 109.50 at least testing 110.20 region. Immediate support at 108.30. Break below that area could lead us to neutral zone in nearest term, keep the major bearish scenario intact testing 107.60 support area.
The EURJPY continued its bullish correction yesterday, topped at 109.06 and now struggling around the trend line resistance as you can see on my h4 chart below. The bias remains bullish in nearest term but note that we need a clear break above the trend line resistance to cancel the major bearish outlook and take us to a new bullish phase especially if price able to make a clear break above 109.50 at least testing 110.20 region. Immediate support at 108.30. Break below that area could lead us to neutral zone in nearest term, keep the major bearish scenario intact testing 107.60 support area.