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.

Ross J Burland FXStreet

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

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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