FX.co ★ EUR/JPY Intraday Technical Analysis

The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 95.10 and seems to initiate a decline. However, a break through these levels will release a good potential and will be able to reach the upper limit of this one to 95.80.
Technical indicators do not provide clears signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 95.10 with the 1st objective at 95.80 and then at 96.20. A breakthrough 94.90 will invalidate this scenario.