EUR/JPY Price Analysis: Bulls need a break

  • EUR/JPY is trapped in a sideways 4-hour environment with bulls banking on a break of resistance still. 
  • Longer-term charts illustrate the bullish bias. 

As per the prior analysis, EUR/JPY Price Analysis: Breakeven worst-case scenario, target 130.4, the bulls remain in play. However, the sideways action is a risk as the price is unable to penetrate the resistance on the 4-hour time frame.

The following illustrates the scenario and the longer-term time frames that show how the bullish prospects are a risk to the long position:

Monthly chart

Weekly chart

Daily chart

4-hour chart

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