FX.co ★ EUR/JPY Intraday Technical analysis

The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 107.70 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 108.30.

Technical indicators do not provide clear signals but until that the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded to a result of the strong decline of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 107.70 with a 1st objective of 108.30, then 108.50. A break in 107.50 would invalidate this scenario.