EURJPY Huge bullish break-out!

The EURJPY pair emphatically broke above the June Resistance Zone confirming our view of the market since early August. This continues to repeat the fractal of 2020 as we pointed out in our last analysis:


This helped us make this accurate projection as the price got rejected initially on the Resistance Zone and after pulling-back to the 1D MA50 (blue trend-line) it rebounded again emphatically above the Resistance Zone this time and even hit the 4.0 Fibonacci extension, which was our Target. If the fractal continues to play out, then we should see an extension of this rise to the next Fib 4.5 which is at 152.550.

Basically based on the RSI on the 1W time-frame, we are in a spot similar to late February 2021, after the RSI broke above its Lower Highs trend-line. Only a closing below the 1D MA200 (orange trend-line) can reverse this long-term bullish trend and drop the price as low as the 1W MA200 (red trend-line) and the bottom of the 2021 Fibonacci Channel.


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