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EUR/JPY Price Analysis: Bulls Meet Bears at Daily Resistance

  • EUR/JPY bulls have tested the 150.00 zone.
  • The resistance could be tough and could lead the pair to test the support of the trend line.

EUR/JPY is currently trading at 150.10 after trading between a low of 149.37 and a high of 150.15 so far this day. The image below illustrates the market trying to break into the resistance area, although between tango shows prospects for a correction to both trend line support.

EUR/JPY daily chart

EUR/JPY is testing resistance and has been supported along the way by the 148.00 and 149 upper levels so far.

EUR/JPY 1 hour chart

From an hourly perspective, we have price scaling the trend line support and now abruptly pulling away from it to test the 150 region. However, resistance here could be fatal for bulls. If the bears break below the trend line support, 148.70 will start to look vulnerable.

Source: Fx Street

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