So after a nose dive in December for the EURJPY it has seen a pull back over the last couple of weeks. We have this ascending channel formed, however, it is starting to approach two major points of resistance. The first is the 200 EMA where I anticpate a rejection, also the 137.500 level which is the previous swing high. I'm going to look for a PA rejection at these levels for an entry and possibly a break to the downside through the 20 & 50 EMA.
If price breaches the last swing high my bias will change to Bullish.
If price breaches the last swing high my bias will change to Bullish.