While the EUR has been weak these last few days, yen had been even weaker, keeping the EUR/JPY bullish trend intact. The pair trades inside a triangle, and as far as above 113.40 base of the continuation figure, the downside will remain well limited, and the upside expose. 4 hours chart shows the recovery remains shy of testing the top of the figure, a descendant trend line currently around 115.10/20 price zone; however, the upward pressure is strong, with price at daily highs: a break above mentioned level, should signal further gains with 116.00 exposed in the short term. Above 116.00 next bullish target in the short term, is the 116.60 yet once above this last, there’s scope for a continuation up to 117.70 with not much in the middle.
Slides should continue to be considered buying opportunities; a break below 113.00 however, may see a deeper bearish movement, up to 111.60 without really affecting the bullish long term trend.View Live Chart for EUR/JPY