EUR/JPY Price Analysis: Bulls seek a monthly extension, but bears in control on the 4-hour

EUR/JPY bears on top n the ower time frames.
Bulls are taking charge longer-term as per the monthly chart.

Ross J Burland FXStreet

EUR/JPY is under pressure as per the lower time frames and the following is a top-down analysis that arrives at a bullish bias longer term, but bearish for the near term.

EUR/JPY monthly chart

The monthly chart is showing signs of a fresh impulse to the upside, although there could still be some work to be done yet by the bulls according to the lower time frames.

EUR/JPY weekly chart

The weekly chart is offering a bearish bias as the price continues to slip following the big rejection wick of last week's business.

EUR/JPY daily chart

On the daily chart, we can see that the price is attempting to recover from a close touch of the 38.2% Fibonacci. retracement level. However, given the velocity of the correction, the momentum is still with the bears and a visit of 131.50 is probable.

EUR/JPY 4HR chart

The 4-hour chart is offering a bearish bias also with the price coming in close to the 61.8% Fibonacci retracement level and caped bt the 21-EMA.

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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