EUR/JPY Potential Bullish Continuation 📈🔍
📊 Technical Overview:
The EUR/JPY chart presents a bullish channel structure, indicating an overall upward trend. Price action respected the channel boundaries with multiple confirmations before the latest bearish correction.
🔹 Structure Highlights:
🔵 Ascending Channel: Price moved steadily within an upward-sloping channel.
🟠 Support Rebound: A strong bullish candle formed on June 20th after touching the lower boundary — a clear support confirmation.
🔴 Recent Rejection: On July 1st, price tested the upper channel resistance and faced rejection, forming a bearish engulfing candle.
🟫 Support Zone Marked: Around the 167.800 level, this zone has been tested multiple times, indicating a possible demand area.
🔁 Current Scenario:
The pair has broken down from the internal trendline (light brown line) and is heading toward the support zone. A bullish bounce from this area may lead to a rally toward the Target Point at ~172.000 🎯.
📌 Key Levels:
Support Zone: 167.600 – 168.000
Resistance Zone: 170.500 – 172.000
Current Price: 168.994
📈 Outlook:
If support holds and bullish momentum returns, there's potential for a move toward the target area at the top of the channel. However, a break below the support zone could invalidate the bullish scenario and suggest a deeper correction.
🧠 Conclusion:
Wait for bullish confirmation near support before considering long positions. A clean break and retest of the support zone could signal a continuation of the upward trend.
📊 Technical Overview:
The EUR/JPY chart presents a bullish channel structure, indicating an overall upward trend. Price action respected the channel boundaries with multiple confirmations before the latest bearish correction.
🔹 Structure Highlights:
🔵 Ascending Channel: Price moved steadily within an upward-sloping channel.
🟠 Support Rebound: A strong bullish candle formed on June 20th after touching the lower boundary — a clear support confirmation.
🔴 Recent Rejection: On July 1st, price tested the upper channel resistance and faced rejection, forming a bearish engulfing candle.
🟫 Support Zone Marked: Around the 167.800 level, this zone has been tested multiple times, indicating a possible demand area.
🔁 Current Scenario:
The pair has broken down from the internal trendline (light brown line) and is heading toward the support zone. A bullish bounce from this area may lead to a rally toward the Target Point at ~172.000 🎯.
📌 Key Levels:
Support Zone: 167.600 – 168.000
Resistance Zone: 170.500 – 172.000
Current Price: 168.994
📈 Outlook:
If support holds and bullish momentum returns, there's potential for a move toward the target area at the top of the channel. However, a break below the support zone could invalidate the bullish scenario and suggest a deeper correction.
🧠 Conclusion:
Wait for bullish confirmation near support before considering long positions. A clean break and retest of the support zone could signal a continuation of the upward trend.
JOIN MY TELEGRAM CHANNEL
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
JOIN MY TELEGRAM CHANNEL
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
t.me/StellarMarketAnalysis
JOIN MY RECOMMENTED BROKER REFFREL LINK
⤵️one.exnesstrack.net/a/uvd1etcgg1
PARTNER CODE⤵️
uvd1etcgg1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.