EURJPY is a tough pair to figure out. I think that’s partly because it does not have its one driver but rather it is being torn by the movements of the EUDUSD and the USDJPY. Still let’s have a look starting with the daily charts and moving down to the H1.
Daily chart shows a somewhat ascending triangle with resistance at 138~. This goes back to May which means the resistance is a significant one.
Th 4-hour chart shows that we have not managed to reach last week’s mid-week resistance of 136.00~. This level is also significant as it has been visited a few times. Besides this we can see some big swings.
The hourly chart shows that till now, this week remains an up-week with higher highs and higher lows being formed. The market will have to show us where it’s going.
Ascending triangle
Volatile swings
Highs and lows
