FX.co ★ EUR/JPY Intraday Technical Analysis

The spot rate is currently testing the upper limit of its medium term bearish channel at 96.40 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell signals but are approach an overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase 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 has broken through its resistance of 96.40 with the 1st objective at 97.00 and then at 97.20. A break through 96.20 will invalidate this scenario.