FX.co ★ jerome82 | EUR/JPY

The EURJPY pair is showing a strong bullish momentum within the linear regression channel on the M15 chart, which is ascending. The steeper the angle of the channel, the more pronounced the buyer's activity. Bulls are striving towards their target level at 167.275. To enter the market on a pullback, one should wait for the market to reach near or at 166.597 and then consider buying. Trading within the channel is straightforward - buying from the lower boundary up to the upper boundary, from where selling could be an option, but going against the trend is not advisable. Therefore, after the target is reached, it's better to wait for a pullback to re-enter along the ascending channel. Continuous movement without stopping at the level of 166.597 indicates the seller's pressure, who has decided to push downwards. In this scenario, it's wise to hold off on buying and reassess the situation. On the primary H1 chart, which I consider the main trend indicator, I observe an ascending linear regression channel. Aligning this with the M15 chart emphasizes the priority of buyers. Hence, as mentioned earlier, I will be looking at buying opportunities. Based on the H1 timeframe, it's preferable to enter from the lows around 166.452. I anticipate a rise towards the upper boundary of the channel at 167.367. A sign of bullish activity would be the breach of the level at 167.275, which, if strong enough, should not hold the market back and might lead to further upward movement. A consolidation above this level would confirm bullish activity. The ascent is likely to slow down around 167.367 with a subsequent downward correction, indicating the presence of sellers. If one is inclined, selling could be attempted, but this would be against the prevailing trend and all associated risks should be considered.