- EUR/JPY bulls embarked on a test of the 150s.
- Resistance could prove tough and lead to a retest of trendline support.
EUR/JPY is currently trading at 150.10 and has so far ranged between a low of 149.37 and a high of 150.15 for the day. The following illustrates the market attempting to break into the resistance area, although it shows the prospect of a correction in the meantime to support the trend line.
Daily chart of EUR/JPY
EUR/JPY is testing resistance and has been supported at the end of the 148s and 149s so far.
EUR/JPY H1 chart
On an hourly basis, we have price climbing to support the trendline and now we are pulling away sharply from it to test the 150s. However, resistance here could prove fatal for the bulls. If the bears break below the trendline support, 148.70 will start to look vulnerable.