EUR/JPY Intraday Technical Analysis
The spot rate is currently testing the upper limit of its medium term bearish channel at 100.20 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline is most likely . Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 100.20 with the 1st objective at 100.80 and then at 101.00. A break through 100.00 will invalidate this scenario.