14.03.201211:36 Forex Analysis & Reviews: EUR/JPY Intraday Technical Analysis

Long-term review

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The price is currently testing the upper limit of its medium term bullish channel at 108.80 and seems to initiate a decline. However a break through these levels will free up significant potential and initiate a bullish trend more violent.

Technical indicators provide buy-signals and are approaching the overbuy zone supporting the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance at 108.80 with the 1st objective of 109.30, then 109.50. A break through 108.60 will alter this scenario.

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