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.

Ross J Burland FXStreet

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.

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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