FX.co ★ Jackroay | EUR/JPY

I see that EUR/JPY is still respecting the broader structure of the ascending channel on the daily timeframe, and I interpret the recent behavior as controlled consolidation rather than true weakness. I notice that the lower boundary of the channel has been tested without a decisive bearish continuation, and I view this as a sign that buyers are still defending the trend. I observe that the MACD histogram previously supported the fifth wave of the bullish impulse, and although I acknowledge the presence of cumulative bearish divergence, I do not yet consider it strong enough to invalidate the uptrend. I recognize that the pair has updated the local high near 184.51, which technically confirms the northward bias, yet I also admit that the lack of impulsive continuation creates hesitation. I understand that three days of accumulation usually precede expansion, and I believe a volatility breakout is approaching. I see H4 maintaining a bullish channel, while H1 remains sideways, and I interpret this compression as energy building before the next directional move.

I notice that price failed to sustain movement above 184.65, and I interpret this as short-term resistance reinforced by the moving average hovering slightly above current quotes. I see support forming around 183.67–183.37, and I believe this zone is critical for maintaining the broader bullish structure. I expect that if 183.90 is clearly broken and consolidated below, I would reconsider the bullish scenario and anticipate a deeper correction. I observe RSI hovering in the mid-range and tilting slightly downward, and I interpret this as neutral-to-soft bearish momentum rather than aggressive selling. I see the AO printing a weak sell signal, and I treat it as a minor pullback indication rather than a reversal trigger. I prefer buying closer to 183.70 with targets near 184.65, and I remain cautious, understanding that only a high-volatility breakout of the lower boundary would truly shift my bias south.