EUR/JPY Price Analysis: Bulls take charge, eye 61.8% Fibo target

EUR/JPY bulls are stepping into action on the hourly time frame.
The daily chart's bullish structure is compelling.

Ross J Burland FXStreet

EUR/JPY remains above support and there are still prospects of a significant bullish correction according to the daily chart's market structure and bullish M-formation.

Daily chart

The bulls can target the 61.8% Fibonacci retracement level and the M-formation's neckline.

Hourly chart

From an hourly perspective, there is a strong bullish case given the prior bullish impulse, correction and now the current spike into the prior highs and presumed resistance.

A break of the resistance structure will align with the daily bullish M-formation's target keeping it firmly on the map.

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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