EUR/JPY Price Analysis: A 50% mean reversion of daily impulse on the cards

EUR/JPY bears lurking as price stalls at fresh highs.
Daily time frame raises a bearish bias for the near term.

Ross J Burland FXStreet

The price has indeed extended to the upside slightly following a test of old resistance.

Meanwhile, the price would be expected to correct to old resistance which has a confluence of a 50% mean reversion of the bullish impulse.

Daily chart

Hourly chart

The price needs to break below the support structure and develope a bearish structure from a lower time frame's perspective, such as the hourly 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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