EURJPY Top -Down Review

Summary
Weekly: Mixed
Daily : Neautral
4 Hour: Neutral
1 Hour: Bullish


Weekly Timeframe



Price has been in a steep decline and is now up the upper region of a consolidation range (112.2 to 131.1). The consolidation pattern is consistent with a continued bearish outlook. However, a break above the 131.1 level would be consistent with the pattern being a double-bottom reversal. Price is currently at 130.28, so this key level should be tested soon.

Daily Timeframe



The daily view shows the consolidation region in more detail. Price is currently setting up for a potential bullish breakout, with converging indicators.

4 Hour Timeframe



From late February through to the 2nd week of March, price was trading in a 610 pip range with an upper bound at 126.09. This level of resistance was breached and a 610 upward move has just completed.

Technically price is still in an upward trend, but given that it has just reached its target price , a period of consolidation or retracement is the most likely outcome.

1 Hour Timeframe



Price is in an upward trend. The indicators do not show any significant weakness in momentum, or divergence.