Currency Pair: EURJPY
Market Condition: Range
Target 1: Range Resistance 141.00
Target 2: 1x Range Extension 144.00
Invalidation: 137.00
EURJPY 4Hour Chart
(Created using Marketscope 2.0 Charts)
The EURJPY has failed to breakout from key points of support and resistance in the last three weeks. This current market conditions can be seen as range bound until the next major breakout occurs. Currently support sits near 138.00 and has been tested in this morning’s trading. Resistance lies at 141.00 near the June 2015 high. In a bullish environment traders will look for price to bounce from range support and target range resistance. If price breaks above resistance, the next target will be a 1x extension of the range at 144.00.
In the event of a price decline and a breakout from support, the current range would be considered invalidated. A move to next figure support at 137.00 would confirm this opinion on the creation of a fresh lower low for the month of June.
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