FX.co ★ EUR/JPY Intraday Technical Analysis

The spot rate is currently testing the intermediate support of its medium term bearish channel at 95.40 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 93.90.
Technical indicators provide sell signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events the market will provide a bullish opportunity at the level of 95.40 with the 1st objective at 96.00 and then at 96.20. A breakthrough 95.20 will alter this scenario.