FX.co ★ jerome82 | EUR/JPY

EUR/JPY. Good afternoon. Euro/Yen tried to develop a bearish bias today, but not very successfully. As a result, the bulls are again trying to seize the initiative. Technically, on the hourly chart the indicators are mostly pointing south, but the sell signal has still not been activated, and the pair has climbed back into the bullish zone of the Bollinger channel. At the same time, the channel itself, by narrowing, is limiting further growth. So the option of a move to the south is still valid, but there is clearly no reason yet to open short positions here. On the 4-hour chart the indicators are still in the process of forming a sell signal, while the pair has moved into the bearish zone of the Bollinger channel. It’s just too early to talk about consolidation here. Right now it is testing the middle band from below, so depending on a breakout or a rebound we will see a clearer picture of the further bias. If everything works out well for the bears, it will be possible to consider opening short positions with an approximate target of 185.35-40. However, here too the Bollinger channel has started to narrow, not confirming the development of a southern bias, although not cancelling it yet.