- EUR/JPY is holding tight in bullish territory for the open.
- EUR/JPY bulls seeking a discount from a healthy correction.
EUR/JPY is consolidating a bullish impulse and the focus is on a correction before higher prices through 131 the figure. The following illustrates the bias from an hourly perspective for the opening sessions of the week.
EUR/JPY H1 chart
The price on the hourly time frame has an inefficiency as per the wicks between 130.68 and 130.80 and the 61.8% Fibonacci ratio sits near 130.70 and has a confluence with the 21-EMA.
This makes for a compelling area of potential support. Should this area act as support, then an upside continuation through 131 the figure would be expected.