FX.co ★ jerome82 | EUR/JPY

In EUR/JPY yesterday, after testing the local support level from top to bottom, which, according to my analysis, is located at 165.355, the price reversed and confidently pushed to the north, resulting in the formation of another bullish candle that managed to easily close above the previous day's high. Given the current scenario, I fully admit that today the northern movement will continue, and in this case, as I have mentioned before, I am keeping an eye on the resistance level located at 169.968. Near this resistance level, there could be two scenarios. The first scenario involves the price consolidating above this level and further moving upwards. If this plan is executed, I will be waiting for the price to advance towards the resistance level at 174.740. Near this resistance level, I will be waiting for the formation of a trading setup that will help determine the further direction of trading. Of course, I also consider that during the price movement towards the designated northern target, there may be southern pullbacks, which I plan to use to search for bullish signals from nearby support levels, in anticipation of the price resuming its upward movement. An alternative scenario for price movement when approaching the resistance level at 169.968 would be a plan involving the formation of a reversal candle and a resumption of downward price movement. If this plan is executed, I will be waiting for the price to return to the support level located at 165.355 or the support level at 165.174. Near these support levels, I will continue to search for bullish signals, expecting the price to resume its upward movement. Of course, there is also a possibility of targeting a more distant southern goal, which, according to my analysis, is located at 162.606, but even if the designated plan is implemented, I will continue to search for northern signals near this support level, within the framework of the overall bullish trend, expecting the price to resume its upward movement. In general, to put it briefly, as of today, I consider it likely that the price will continue to move north and may approach the nearest resistance level for testing, and then I will assess the market situation accordingly.