February 4, 2023

Bulls eye a break above 131 the figure

  • 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.  

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