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The EURJPY price has recently rejected the higher time frame support zone will price breakout higher?
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EURJPY Analysis
The price of EURJPY could be about to rally to the upside in line with its monthly and weekly time frames. The higher time frames show the price is in a strong upward trend which could continue with the price heading to the highs of 148.00. From a fundamental outlook the ECB will be looking to continue to hike interest rates as they fight to control inflation. The BoJ remains neutral at the moment with regards to rates and talks of intervention have been silenced for the moment.
From a technical point of view the price could trade either way, the weekly price is finding support at the trendline. This could lead to the price forming an impulsive phase into the previous swing highs at 148.00. If this happens we should see the price form higher highs and higher lows. The higher high has formed most recently on the H4 time frame but we are yet to see a higher low.
On the hourly time frame we can see that the price is moving sideways. When this happens the price could break out into either direction. If the price breaks out to the downside we could expect a move back to the 142.75 support. However, if the price trades to the upside we could see a move to the most recent swing highs.
Did you see our EURUSD Analysis? You can see it here.
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