FX.co ★ jerome82 | EUR/JPY

Hello traders. EURJPY. Today, the Euro/Yen started the week with a significant downward price gap, which has already been filled, and the bulls are not willing to give up the initiative. The pair is approaching the zone of recent highs, so I am observing how it will behave here. Depending on a breakout or a rejection, it will show the further sentiment. On the hourly chart, indicators are still supporting further upward movement, but the lower indicators currently do not strongly support the continuation of the bullish sentiment. Therefore, there is a possibility of a downside move intra-day with a target around 183.60-70 in the short term. On the 4-hour chart, indicators favor a continuation of the upward trend. Today, the pair attempted to enter the bearish zone of the Bollinger Bands channel at the opening, but without success so far. However, the channel itself has started to narrow sharply on the recent bullish candles, which does not confirm further development of the bullish sentiment, so I am still considering a potential decline. Nevertheless, for opening short positions, it is advisable to wait for more solid confirmation from the technical analysis.