EUR/JPY Technical Analysis: Bullish extension could be primed for a downside correction

The EUR/JPY has seen steady lift in July, closing on the green for nine consecutive trading days.
The current intraday action is hesitating near recent peaks, and continued softness will see a bearish correction begin to form up.
The pair's pattern of consecutive lower highs on Daily candles has broken after July saw a break of June's peaks near 130.35.

Joshua Gibson FXStreet

EUR/JPY Chart, 15-Minute

Spot rate:	131.56
Relative change:	-0.01%
High:	131.76
Low:	131.50

Trend:	Flat to bullish
Support 1:	131.06 (current week low)
Support 2:	130.69 (61.8% Fibo retracement level)
Support 3:	129.90 (July 11th swing low)

Resistance 1:	131.76 (current day high)
Resistance 2:	131.97 (current week high)
Resistance 3:	132.42 (March 13th swing high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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