EUR/JPY Price Analysis: Bulls come up to meet bears at daily resistance
- EUR/JPY bulls ahve run into test the 150s.
- Resistance could prove tough and lead to a retest of trendline support.
EUR/JPY is currently trading at 150.10 and has traveled between a low of 149.37 and a high of 150.15 so far on the day. The following illustrates the market that is attempting to break into the resistance area although shows prospects of a meanwhile correction into trendline support.
EUR/JPY daily chart
EUR/JPY is testing resistance and has been supported along the way in the late 148s and the 149s so far.
EUR/JPY H1 chart
From an hourly perspective, we have the price climbing the trendline support and now moving steeply away from it to test the 150s. However, resistance here could prove fatal for the bulls. If the bears get below the trendline support, 148.70s will start to look vulnerable.